MEO Foods has made cat food for over $20$ years. The company currently has a debt$-$equity ratio of $25\%,$ borrows at $10\%$ interest rate, and is in the $40\%$ tax bracket. Its shareholders require an $18\%$ return.

MEO is planning to expand cat food production capacity. The equipment to be purchased would last three years and generate the following unlevered cash flows$($UCF$)$:

Year $0$: $-$$$15$ million.

Year $1$: $$5$ million.

Year $2$: $$8$ million.

Year $3$: $$10$ million

Year $4$: $$0.$

MEO has also arranged a $$6$ million debt issue to partially finance the expansion. Under the loan, the company would pay $10\%$ annually on the outstanding balance. The firm would also make year$-$end principal payments of $$2$ million per year, completely retiring the issue at the end of the third year.

Ignoring the costs of financial distress and issue costs, what is the APV of the expansion plans? Please calculate in excel and show work!