A project costs 15 million and is expected to produce cash flows of 4 million per year for 15 years. The opportunity cost of capital is 20 percent. If the firm has to issue stock to undertake the project and issue costs are 1 million, what is the project's APV? The 15-year annuity factor at 20% is 4.674. 3.5 million 2.0 million 2.7 million 3.7 million