I am working on a project that generates an estimated $1,000,000 in EBIT next year, the first year of the project. The firm's tax rate is 38%; the market risk premium is 6%, and the appropriate risk-free rate is 2.05%. The firm's equity beta is 1.2, and the rate of debt it pays on its bonds is 4.0%. The project's initial investment in fixed assets will be $10,000,000, which will depreciate straight-line to zero over a 20-year period. The project will only last five years, and the firm does not intend to replace the depreciating assets (i.e., there will be no capital expenditures associated with the project during the project life). Likewise, there is no need for additional investment in net working capital beyond that required to start the project, The project is financed with a 50% mix of debt and equity, at $7,500,000 each. The bonds will be issued when the project begins and will mature in ten years. What is the free cash flow to equity for the first year of this project? Answer to the nearest dollar. Your