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Bill Clinton reportedly was paid an advance of $ 1 0 . 0 million to write his book My Life. Suppose the book took 3

Bill Clinton reportedly was paid an advance of $10.0 million to write his book My Life. Suppose the book took 3 years to write. In the time he spent writing, Clinton could have been paid to make speeches. Given his popularity, assume that he could earn $8.2 million a year(paid at the end of the year) speaking instead of writing. Assume his cost of capital is 10.2% per year. Assume that, once the book is finished, it is expected to generate royalties of $4.8 million in the first year(paid at the end of the year) and these royalties are expected to decrease at a rate of 30% per year in perpetuity. What is the NPV of the book with the royalty payments?
The NPV of the book with the royalty payments is $
enter your response here million. (Round to three decimal places.)

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