Landman Corporation $($LC$)$ manufactures time series photographic equipment. It is currently at its target debt$-$equity ratio of $\mathrm{.}75$ and is considering building a new $$47$ million manufacturing facility. This new plant is expected to generate aftertax cash flows of $$5\mathrm{.}9$ 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 $7\mathrm{.}7$ percent of the amount raised. The required return on the companys new equity is $15$ percent.A new issue of $20-$year bonds: The flotation costs of the new bonds would be $3$ percent of the proceeds. If the company issues these new bonds at an annual coupon rate of $6$ percent, they will sell at par.Increased use of accounts payable financing: Because this financing is part of the companys 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 $\mathrm{.}10.($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 $23$ percent tax rate.