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A company is evaluating an expansion. This capital investment will require a cash outflow today of $8,000,000. The firm estimates that the investment will pay

A company is evaluating an expansion. This capital investment will require a cash outflow today of $8,000,000. The firm estimates that the investment will pay out a cash flow of $1,200,000 per year for the next 19 years, and then nothing after. The risk-adjusted discount rate required on this project is 6%, calculate the net present value of this investment. (Round to 2 decimals)

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