Bobcat Inc. just invested in a project that required an initial investment (year 0) of $0.7 million. The project will then make a payment of $1.9 million to Bobcat Inc. in exactly 1 year from today (year 1). Each year after that, the project will pay to Bobcat Inc. an amount 3% larger than the previous payment, with the last payment occurring in year 12 (12 total payments). What is the net present value of this project given that the discount rate is 10%?

Group of answer choices

$22.10 million

$15.60 million

$14.11 million

$13.27 million