New Food Inc. plans to open a new a new restaurant in North Dakota. The initial costs of opening the business is $8.2,million. The firm estimates a 26% probability of high demand for the new food. In this case New Food Inc. will receive annual cash flows of 12.0 million for the next 2 years. The firm estimates a 51% probability of medium demand. In this case the company expects to receive annual cash flows of $6.4million for 2 years. There is also possible that the demand will be low and the annual cash flows will be only $1.9 million for 2 years. The company's cost of capital is 12.19 percent. Initial outlay in millions Probability 8.2 Cash flow Year 1 in millions in millions Cash flow Year 2 26% 12.0 51% 6.4 Please calculate it 1.9 Calculate expected NPV of the project. Calculate the answer in millions. Round the answer to two decimals. 12.0 6.4 1.9