Hasbro Inc (HAS) is considering a $16.2 million project that will last 20 years. The project's assets are non-depreciable and will generate an EBIT of$3,100,000 per year. The firm's cost of unlevered equity is 14.8% and it faces a tax rate of 25%. Suppose the firm can obtain a 20 year non-amortizing loan of $14.6 million at its regular cost of debt of 6.7% to partially finance the project. Assume for simplicity that there are no flotation costs. What is the APV of the project under this debt scenario?