McCann Catching, Inc. has 3.00 million shares of stock outstanding. The stock currently sells for $12.82 per share. The firms debt is publicly traded and was recently quoted at 91.00% of face value. It has a total face value of $15.00 million, and it is currently priced to yield 10.00%. The risk free rate is 4.00% and the market risk premium is 8.00%. Youve estimated that the firm has a beta of 1.47. The corporate tax rate is 35.00%.

The firm is considering a $41.78 million expansion of their production facility. The project has the same risk as the firm overall and will earn $11.00 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.