A start$-$up chemical company has an average cost of capital of $13\%$ per year. Additionally, it has a long$-$term goal of making at least a

$20\%$ per year rate of return on all investments; however, because of market opportunity the ROR can be reduced for the current

project by $3\%.$ If the company acquired $$46,000,000$ in venture capital, how much did it have to earn in the first year?