A company is considering a project that would create an increase in net after-tax cash flow of $3 million annually for 25 years. It would require an initial capital investment of $8 million today, and another $4 million one year from now. If the appropriate required rate of return on the project is 15%, what is the net present value of this project? $7.91 million $11.39 million $15.48 million $17.23 million