Photochronograph Corporation $($PC$)$ manufactures time series photographic equipment. It is currently at its target debt$-$equity ratio of $\mathrm{.}8.$ It$$s considering building a new $$67$ million manufacturing facility. This new plant is expected to generate aftertax cash flows of $$6\mathrm{.}8$ million in perpetuity. The company raises all equity from outside financing. There are three financing options:

$1.$

A new issue of common stock: The flotation costs of the new common stock would be $7\mathrm{.}3$ percent of the amount raised. The required return on the company$$s new equity is $12$ percent.

$2.$

A new issue of $20-$year bonds: The flotation costs of the new bonds would be $2\mathrm{.}1$ percent of the proceeds. If the company issues these new bonds at an annual coupon rate of $6$ percent, they will sell at par.

$3.$

Increased use of accounts payable financing: Because this financing is part of the company$$s ongoing daily business, it has no flotation costs, and 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.$)$

What is the NPV of the new plant? Assume that PC has a $25$ percent tax rate. $($Do not round intermediate calculations and enter your answer in dollars, not millions, rounded to the nearest whole dollar amount, e$.$g$.,1,234,567.)$