A firm is seeking to build a toll road in North Carolina. The initial investment in paving equipment is $201 million. The equipment will be fully depreciated using the straight-line method over its economic life of five years. Earnings before interest, taxes, and depreciation collected from the toll road are projected to be $27.8 million per annum for 20 years starting from the end of the first year. The corporate tax rate is 24 percent. The required rate of return for the project under all-equity financing is 14 percent. The pretax cost of debt for the joint partnership is 11.2 percent. To encourage investment in the countrys infrastructure, the U.S. government will subsidize the project with a $135 million, 15-year loan at an interest rate of 4.7 percent per year. All principal will be repaid in one balloon payment at the end of Year 15.

Using the pre-tax borrowing rate to discount the subsidized loan terms, what is the APV of the project? Do not round intermediate values and submit your answer rounded to the nearest cent.