Photochronograph Corporation $($PC$)$ manufactures time series photographic equipment. It is currently at its target debt$-$equity ratio of $75.$ It's considering building a new $$51$ million manufacturing facility. This new plant is expected to generate aftertax cash flows of $$6\mathrm{.}3$ million in perpetuity. The company raises all equity from outside financing. There are three financing options:

A new issue of common stock: The flotation costs of the new common stock would be $8\mathrm{.}1$ percent of the amount raised. The required return on the company's new equity is $15$ percent.

A new issue of $20-$year bonds: The flotation costs of the new bonds would be $3\mathrm{.}1$ percent of the proceeds. If the company issues these new bonds at an annual coupon rate of $5\mathrm{.}2$ percent, they will sell at par.

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 $10.$ Assume there is no difference between the pretax and aftertax accounts payable costs.

What is the NPV of the new plant? Assume that PC has a $21$ percent tax rate. $($Do not round intermediate calculations and enter your answer in dollars, not millions of dollars, rounded to the nearest whole dollar amount, e$.$g$.,1,234,567.)$