Consider the following project:

Initial outlay = $20 million

Year 1 expected cash flow = $7 million

Year 2 expected cash flow = $7 million

Year 3 expected cash flow = $9 million

Project cost of capital = 5%

The net present value of this project is closest to:

		$0.79 million
		$3.00 million
		$19.21 million
		$3.00 million