First and Goal Corporation's stock returns have a covariance with the market portfolio of

$\mathrm{.}0431.$ The standard deviation of the returns on the market portfolio is $20$ percent and

the expected market risk premium is $6\mathrm{.}6$ percent. The company has bonds outstanding

with a total market value of $$55\mathrm{.}3$ million and a yield to maturity of $5\mathrm{.}5$ percent. The

company also has $4\mathrm{.}5$ million shares of common stock outstanding, each selling for $$48.$

The company's CEO considers the firm's current debt$-$equity ratio optimal. The corporate

tax rate is $23$ percent and Treasury bills currently yield $2\mathrm{.}9$ percent. The company is

considering the purchase of additional equipment that would cost $$50\mathrm{.}5$ million. The

expected unlevered cash flows from the equipment are $$16\mathrm{.}85$ million per year for $5$

years. Purchasing the equipment will not change the risk level of the firm. What is the

NPV of the project? $($Do not round intermediate calculations and enter your answer in

dollars, not millions of dollars, rounded to $2$ decimal places, e$.$g$.,1,234,567\mathrm{.}89)$

NPV

Please solve using Excel