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A retail coffee company is planning to open 110 new coffee outlets that are expected to generate $14.6 million in free cash flows per year,

A retail coffee company is planning to open 110 new coffee outlets that are expected to generate $14.6 million in free cash flows per year, with a growth rate of 2.5% in perpetuity. If the coffee company's WACC is 9.7%, what is the NPV of this expansion? The present value of the free cash flows is million. (Round to two decimal places.)

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