After some encouraging first signs, a mining company is considering setting up a gold mine in Western Australia. The mine will take 4 years to prepare and excavate, costing 4 payments of $80 million at the start of each year for the next four years, that is, at t=0, 1, 2 and 3. Once mining starts, the mine is expected to yield a constant $55 million for the next 12 years. The first payment is at t=4 and the last at t=15. The required return of the mine is 11% pa given as an effective annual nominal rate. All cash flows are real and the expected inflation rate is 2% pa given as an effective annual rate. Ignore taxes. The Net Present Value is: