Lakonishok Equipment has an investment opportunity in Europe. The project costs $\backslash (22640052\backslash )$ and is expected to produce cash flows of $\backslash (4081477\backslash )$ in Year $1,\backslash (4493460\backslash )$ in Year $2,$ and $\backslash (6141772\backslash )$ in Year $3.$ The current spot exchange rate is $\backslash (\backslash$$ $1\mathrm{.}30/\backslash )$ and the currant risk$-$free rate in the United States is $\backslash (3\mathrm{.}10\backslash \%\backslash ),$ compared to that in Europe of $\backslash (2\mathrm{.}91\backslash \%\backslash ).$ The appropriate discount rate for the project is estimated to be $\backslash (10\mathrm{.}41\backslash \%\backslash ),$ the U$.$S$.$ cost of capital for the company. In addition, the subsidiary can be sold at the end of three years for an estimated $\backslash (13395951\backslash ).$ What is the NPV of the project?Lakonishok Equipment has an investment opportunity in Europe. The project costs

$14,950,000$ and is expected to produce cash flows of $3,550,000$ in Year $1,$

$4,550,000$ in Year $2,$ and $4,950,000$ in Year $3.$ The current spot exchange rate is

$$.\frac{75}{}$ and the current risk$-$free rate in the United States is $2\mathrm{.}7$ percent, compared to that

in euroland of $2\mathrm{.}1$ percent. The appropriate discount rate for the project is estimated to

be $12$ percent, the U$.$S$.$ cost of capital for the company. In addition, the subsidiary can be

sold at the end of three years for an estimated $9,450,000.$

What is the NPV of the project in U$.$S$.$ dollars? $($Do not round intermediate calculations

and enter your answer in dollars, not in millions of dollars, rounded to $2$ decimal

places, e$.$g$.,1,234,567\mathrm{.}89.)$

Answer is complete but not entirely correct.