A three-year project is expected to have a cash flow of $12 million in year one, $14 million in year two, and $17 million in year three. In addition, upon liquidation of the project's assets at the end of year three, it is expected to generate $25 million in cash flow. 

What's the highest level of investment the project owner should be willing to invest to start the project today if the required rate of return on similar projects is 12% per year?