Consider a project to produce solar water heaters. It requires a $$10$ million investment and offers a level after$-$tax cash flow of $$1\mathrm{.}63$ million per year for $10$ years. The opportunity cost of capital is $10\mathrm{.}25\%,$ which reflects the project's business risk.

a$.$ Suppose the project is financed with $$5$ million of debt and $$5$ million of equity. The interest rate is $6\mathrm{.}25\%$ and the marginal tax rate is $21\%.$ An equal amount of the debt will be repaid in each year of the project's life. Calculate APV.

Note: Enter your answer in dollars, not millions of dollars. Do not round intermediate calculations. Round your answer to the nearest whole number.

b$.$ If the firm incurs issue costs of $$660,000$ to raise the $$5$ million of required equity, what will be the APV?

Note: Enter your answer in dollars, not millions of dollars. Do not round intermediate calculations. Round your answer to the nearest whole number. Negative amount should be indicated by a minus sign.