Doce Corp. is considering launching a new product. The new manufacturing equipment will cost $5.9 million and production and sales will require an initial $2.9 million investment in net operating working capital. Doce spent and expensed $1 million last year on research and product development. Rather than build a new manufacturing facility, Doce plans to install the equipment in a building it owns but it is not now using. The building could be sold for $29 million after taxes and commissions. The company also plans to use a vacant lot adjacent to the building for parking for the project. The site requires $1.4 million worth of improvements before it is suitable. The company had bought the piece of land 4 years ago for $14 million and has been empty ever since. Today, the value of the land net of taxes is estimated at $20.6 million. The tax rate is 20%.

What is the initial investment outlay (IO) for the NPV evaluation of the project? Since the IO is a cash outlay, enter the answer using the negative sign (-) in front of the first digit of your answer.

Enter your answer in millions. For example, if you obtained -$3,450,000 then enter -3.45; for -4,000,000 then enter -4.00

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