Books Inc. is a publicly traded publishing company. It has a current stock price of $75 per share and an equity beta of 0.8. Books is consistently profitable and faces a marginal tax rate of 21%. It also maintains a target leverage ratio of 40%. Books' debt is AAA-rated and can be considered essentially risk free. The risk free rate in the economy is 5% and the market premium is 4%. You may assume that the CAPM holds.

Books is considering a project that will expand its existing publishing business. The expansion would require an initial investment of $50 million dollars. It would produce annual free cash flows of $4 million, which would begin in one year and continue in perpetuity. What is the NPV of the investment project? (Please express your answer in millions of dollars, rounded to the nearest hundredth. For example, $100.569 million should be entered as $100.57.)

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