A firm is considering a $45.07 million project that will generate unlevered cash flows of $3.56 million per year in perpetuity. The companys pretax cost of debt is 8.8 percent and its cost of levered equity is 13.0 percent. The companys target debt-to-value ratio is 80 percent. The project has the same risk as the companys existing businesses and it will support the same amount of debt. The tax rate is 21 percent.

What is the NPV of the project? (Hint: Use WACC approach)