Lakonishok Equipment has an investment opportunity in Europe. The project costs $12$ million and is expected to produce cash flows

of $1\mathrm{.}7$ million in Year $1,2\mathrm{.}1$ million in Year $2,$ and $3\mathrm{.}2$ million in Year $3.$ The current spot exchange rate is CAD$$1\mathrm{.}32/$ and the current

risk$-$free rate in Canada is $2\mathrm{.}5$ percent, compared to that in Europe of $1\mathrm{.}7$ percent. The appropriate discount rate for the project is

estimated to be $11$ percent, the canadian cost of capital for the company. In addition, the subsidiary can be sold at the end of three

years for an estimated $8\mathrm{.}7$ million.

What is the NPV of the project? $($Do not round intermediate calculations. Round the final answer to $2$ decimal places. Enter the

answer in dollars. Omit $"$$$"$ sign in your response.$)$

NPV

$