National Electric Company $($NEC$)$ is considering a $$45\mathrm{.}13$ million project in its power systems division. Tom Edison, the company$$s chief financial officer, has evaluated the project and determined that the project$$s unlevered cash flows will be $$3\mathrm{.}24$ million per year in perpetuity. Mr$.$ Edison has devised two possibilities for raising the initial investment: issuing $10-$year bonds or issuing common stock. The company$$s pretax cost of debt is $7\mathrm{.}3$ percent and its cost of equity is $12\mathrm{.}1$ percent. The company$$s target debt$-$to$-$value ratio is $85$ percent. The project has the same risk as the company$$s existing businesses and it will support the same amount of debt. The tax rate is $23$ percent.

a$.$

Calculate the weighted average cost of capital. $($Do not round intermediate calculations and enter your answer as a percent rounded to $2$ decimal places, e$.$g$.,32\mathrm{.}16.)$

b$.$ Calculate the net present value of the project. $($Do not round intermediate calculations and enter your answer in dollars, not millions of dollars, rounded to $2$ decimal places, e$.$g$.,1,234,567\mathrm{.}89)$