Alpha Industries is considering a project with an initial cost of $ 9.2 million . The project will produce cash inflows of $ 1.72 million per year for 8 years The project has the same risk as the firm . The firm has a pretax cost of debt of 5.97 percent and a cost of equity of 11.51 percent . The debt - equity ratio is 72 and the tax rate is 21 percent . What is the net present value of the project ?