Landman Corporation $($LC$)$ manufactures time series photographic equipment. It is currently at its target debt$-$equity ratio of $\mathrm{.}80$ and is considering building a new $$45$ million manufacturing facility. This new plant is expected to generate aftertax cash flows of $$5\mathrm{.}7$ million a year in perpetuity. The company raises all equity from outside financing. There are three financing options:

A new issue of common stock: The flotation costs of the new common stock would be $7\mathrm{.}5$ percent of the amount raised. The required return on the company's new equity is $14$ percent.

A new issue of $20-$year bonds: The flotation costs of the new bonds would be $5$ percent of the proceeds. If the company issues these new bonds at an annual coupon rate of $8$ percent, they will sell at par.

Increased use of accounts payable financing: Because this financing is part of the company's ongoing daily business, it has no flotation costs, and the company assigns it a cost that is the same as the overall firm WACC. Management has a target ratio of accounts payable to long$-$term debt of $15.($Assume there is no difference between the pretax and aftertax accounts payable cost.$)$

What is the NPV of the new plant? Assume that the company has a $25$ percent tax rate.

Note: Do not round intermediate calculations and enter your answer in dollars, not millions of dollars, rounded to the nearest whole number, e$.$g$.,1,234,567.$