Food Smart Corporation's marginal corporate tax rate is 40%. The company's stock is traded at $50 per share, and there are two million shares outstanding. The company's leverage ratio (i.e. D/(D+E)) is 0.3. The company's cost of debt is 8%. The company's cost of equity is 12.2%.Food Smart is considering a project that can generate a perpetual EBIT of $2 million every year. The project has average risk. The initial cost of the project is $11 million. What is the NPV of the project using the after-tax WACC approach? Assume that the project does not change the company's leverage ratio.