AFM Co. proposes to invest $8 million in a plant that manufactures financial calculators. The plants economic life is 4 years. The company uses a straight-line depreciation schedule, and all $8 million of initial investment will be depreciated. A financial calculator costs $9 per unit to produce and will be sold for $24 per unit. Fixed costs are $3 million a year. The cost of capital is 20%. The companys tax rate is 40%. Assume there are no working capital changes.

- What is the NPV of the project if it operates at the accounting-based break-even level?