Arbor Enterprises is considering taking on a new project to complement its existing product line. The project will require an initial cash outlay of $24 million. At the end of the first year, earnings are estimated to be $1.2 million and are projected to grow afterwards at 5 percent into the foreseeable future. Arbor has 1 million shares of stock outstanding and pays all earnings out in dividends. If the appropriate discount rate is 9 percent, should this project be undertaken? Why?