Mr. Afriyie recently purchased a dilapidated property in the CBD for 8 million. He plans to refurbish the property into a first-class shopping center and it is estimated that he has to spend 500,000 per month on the project for the next 5 years when the project will be completed. Calculate the true cost of the project at the time of completion if he expects returns on his capital at 17.75% per annum.