An investor will invest its fund to high potential project. The duration of the project will last 12 years and the investor expect to receive $4 million from the project in its first year and the growth rate of this amount is 6% per year for the next 12 years. When the duration is finished, the investor will also continue to operate this project and receive the same amount. The required rate of return for the investor is 5% per year. Compute the present value of the new project