A company is an all-equity firm. The cost of the company's equity is currently 11%, and the risk-free rate is 3.5 percent. The company is currently considering a project that will cost $11.4 million and last six years. The project will generate revenues minus expenses each year in the amount of $3.2 million.

If the company has a tax rate of 40 percent, what is the net present value of the project?