Photochronograph Corporation $($PC$)$ manufactures time series photographic equipment. It is currently at its target debt$-$equity ratio of $\mathrm{.}78.$ It$$s considering building a new $$66\mathrm{.}8$ million manufacturing facility. This new plant is expected to generate aftertax cash flows of $$7\mathrm{.}93$ million in perpetuity. There are three financing options:

a$.$

A new issue of common stock: The required return on the company$$s new equity is $15\mathrm{.}2$ percent.

b$.$ A new issue of $20-$year bonds: If the company issues these new bonds at an annual coupon rate of $7\mathrm{.}1$ percent, they will sell at par.

c$.$ Increased use of accounts payable financing: Because this financing is part of the company$$s ongoing daily business, the company assigns it a cost that is the same as the overall firm WACC. Management has a target ratio of accounts payable to long$-$term debt of $\mathrm{.}10.($Assume there is no difference between the pretax and aftertax accounts payable cost.$)$

If the tax rate is $23$ percent, what is the NPV of the new plant?