Cleveland Designs is evaluating a project to buy an old bread factory and convert it into high-end loft space. The project is estimated to take 8 years to complete. It has an initial cost of $3.87M and estimated cash flow in 8 years of $12.1M. Alternatively, Cleveland Designs can buy-into a new apartment complex for $19.32M today, this project is estimated payoff $27.65M in 9 years. Clevelands cost of capital is 8.61% assume interest is compounded semiannually. Find the NPV for each project and report the NPV of the one project that you would recommend Cleveland pursue. If you do not believe that either project should be pursued then enter zero for your answer.

Answer Format: INCLUDE ONLY NUMBERS AND DECIMALS IN YOUR ANSWER. Do not include "$" "," or any other formatting. Carry interim computations to at least 4 decimals.

Enter NPV answers as a positive or negative number rounded to 2 decimal places (+ - ###.##)