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McCann Catching, Inc. has 2 . 0 0 million shares of stock outstanding. The stock currently sells for $ 1 2 . 5 4 per

McCann Catching, Inc. has 2.00 million shares of stock outstanding. The stock currently sells for $12.54 per share. The firms debt is publicly traded and was recently quoted at 89.00% of face value. It has a total face value of $18.00 million, and it is currently priced to yield 8.00%. The risk free rate is 2.00% and the market risk premium is 8.00%. Youve estimated that the firm has a beta of 1.41. The corporate tax rate is 39.00%.
The firm is considering a $40.79 million expansion of their production facility. The project has the same risk as the firm overall and will earn $10.00 million per year for 7.00 years.
What is the NPV of the expansion? (answer in terms of millions, so 1,000,000 would be 1.0000)
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Answer format: Currency: Round to: 4 decimal places.

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