Noblemen Enterprises is thinking about launching a new product line called XZMA. If they decide to pursue to project they will spend $2 million right away on patents to build a rough draft. It the rough draft is successful (75% chance), they will spend $7 million in Yr. 1 to build a plant that will take a year to complete. If it doesn't work (25% chance) they will no longer pursue the new launch and will sell the patents for $350,000 for them to receive in Yr. 1. Once the plant is built, the cash flows will be $11 million per year for 9 years starting in Yr. 2. if there is good market acceptance (65% probability). Cash flows will be $3 million/yr for 9 years if there is a poor acceptance rate (35% probability). WACC= 12%. Calculate ENPV.