For Ejection Air Seats Airlines new project, the initial outlay required is $22 million. Net cash flows over the 4-year life cycle and the corresponding certainty-equivalents of the new model are as follows:

Year	Net Cash Flow	Certainty-equivalent
1	$15 million	0.90
2	13 million	0.75
3	11 million	0.55
4	9 million	0.30

The firm's cost of capital is 14% and the risk-free rate is 6%. Bull uses the certainty-equivalent approach in evaluating above-average risk investments such as this one. What is the project's certainty-equivalent NPV?