eBook Problem Walk-Through Investment Timing Option: Decision-Tree Analysis Kim Hotels is interested in developing a new hotel in Seoul. The company estimates that the hotel would require an initial investment of $21 million. Kim expects the hotel will produce positive cash flows of $3.36 million a year at the end of each of the next 20 years. The project's cost of capital is 13%. a. What is the project's net present value? Negative value, if any, should be indicated by a minus sign. Enter your answers in millions. For example, an answer of $10,550,000 should be entered as 10.55. Do not round Intermediate calculations. Round your answer to two decimal places. million h Kim expects the cash flows to be $3.36 million a year, but it recognizes that the cash flows could actually be much higher or lower, depending on whether the