Franklin Corporation is considering an expansion project. The necessary equipment could be purchased for $15 million and shipping and installation costs are another $500,000. The project will also require an initial $2 million investment in net operating working capital. If the company's tax rate is 40%, what is the project's initial investment outlay (in millions)?

a. $15.5

b. $15.0

c. $17.5

d. $16.5

e. $17.0

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