Bore Industries is considering investing $55 million into a new project. The projected free cash flows from the project are shown in the table below. In order to finance the project, Bore will issue a 5-year bond with a face value of $60 million that will be repaid in one bullet payment at the end of five years (as shown in the table below). The cost of debt on the bond is 3.5%, Bore's unlevered cost of capital is 12%, and its marginal corporate tax rate is 25%. Using the APV method, what is the NPV of the project? (Select one)

$29.46 million

$27.09 million

$82.1 million

$87 million

\begin{tabular}{|lrcrrrr|} \hline \multicolumn{7}{|c|}{ Free Cash Flows for New Project (in \$ million) } \\ Year & 0 & 1 & 2 & 3 & 4 & 5 \\ \hline FCF (in \$ millions) & (55.00) & 15.00 & 30.00 & 50.00 & 10.00 & 5.00 \\ Debt Level (in \$ millions) & 60 & 60 & 60 & 60 & 60 & 0 \\ \hline \end{tabular}