Lakonishok Equipment has an investment opportunity in Europe. The project costs 15,150,000 and is expected to produce cash flows of 3,750,000 in Year 1, 4,750,000 in Year 2, and 5,150,000 in Year 3. The current spot exchange rate is $.82/ and the current risk-free rate in the United States is 2.6 percent, compared to that in euroland of 2 percent. The appropriate discount rate for the project is estimated to be 8 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 9,650,000. What is the NPV of the project in U.S. dollars?

Lakonishok Equipment has an ifvestmem opportunity in Eurcpe. The project costs E15.150.000 and is expected to produce cosh fows of 63.750.000 in Yeor 1.64.750.000 in Year 2, and C5.150 000 in Year 3 . The curent spot exchange rate is 582 ic and the cument ritk-liee rate in the United States is 2.6 percent compered to that in eurolond of 2 percent. The appropriate discount rate for the peoject is estimated to be 8 percent, the US. cost of eopital for the compary. In addinion the subsidiery can be sold ot the end of three years for an estimated 69,650,000. Whet is the NPY of the project in US. dollors? (Do not round intermediate calculations and enter your answer in dollars, net in millions of dollars, rounded to 2 decimal places, e.g. 1234.567.89)