Cerro Corp, is valuing a new project that requires an initial investment of $59 million and will result in free cash flows of $5 million next year. The free cashflows will increase by 4% every year in perpetuity. The project represents average risk for Cerro. Cerros debt to equity ratio is 3:5 and it will maintain this ratio in the future. Cerros cost of equity is 15% and its cost of debt is 6%. The corporate tax rate is 20%. What is the value of the project to Cerro?