Omicron plc, an all-equity company, is investing in a project which will deliver a net present value of 10m. Omicron is planning to finance the project by borrowing 75m at a rate of 15%. The costs of issuing the debt are 1.5 million. The debt will last as long as the project (8 years). Spark pays corporation tax of 17%. What is the adjusted present value (APV) of the project?