Minsk Manufacturing Corp. is valuing a new project. The project requires an initial investment of $35 million and will last eight years. The project will result in revenues of $20 million and costs of $10 million in each of these eight years. Ignore depreciation and net working capital requirements. Minsk will raise $10 million of debt to finance the project. It will repay $5 million of debt after four years from today and the rest six years from today. The cost of debt is 6%. The cost of capital of other all-equity firms with similar businesses is 12%. The corporate tax rate is 20%. What is the value of the project?