A project is expected to generate $$10$M in sales next year. The annual costs are expected to be $30\%$ of sales. The tax rate is $20\%.$ The after$-$tax cash flow is expected to remain constant forever. The initial investment is $$14\mathrm{.}74$M in debt and $$35\mathrm{.}26$M in equity. The target debt ratio for the project is $25\%.$ The unlevered cost of capital is $10\%$ and the cost of debt is $5\%.$ Find the NPV of the project using the FTE method.

$$8\mathrm{.}9$M

$$63\mathrm{.}6$M

$$10\mathrm{.}2$M

$$61\mathrm{.}5$M

$$58\mathrm{.}9$M