Investment Timing Option: Decision$-$Tree Analysis

Kim Hotels is interested in developing a new hotel in Seoul. The company estimates that the hotel would require an initial investment of $$25$ million. Kim expects the hotel will produce positive cash flows of $$4$ million a year at the end of each of the next $20$ years. The project's cost of capital is $15\%.$

What is the project's net present value? A negative value should be entered with a negative sign. Enter your answer in millions. For example, an answer of $$1\mathrm{.}2$ million should be entered as $1\mathrm{.}2,$ not $1,200,000.$ Round your answer to two decimal places.

$ million