Landman Corporation $($LC$)$ manufactures time series photographic equipment. It is currently at its target debt$-$equity ratio of $2/3.$ The total assets of the company now is $$500$ million. It$$s considering building a new $$97$ million manufacturing facility. This new plant is expected to generate aftertax cash flows of $$6\mathrm{.}27$ million in perpetuity. The company raises all this money through outside financing.

$1.$ The company raises half the amount using $20$ year bonds. If the company issues these new bonds at an annual coupon rate of $7$ percent, they will sell at par.

$2.$ The company raises the remaining half using equity. The required return on the company$$s new equity is $13$ percent.

The company invests this money into financing the new project. Calculate the NPV of the new project. Ignore taxes.

Answer in $2$ decimal places.