Pinto Corp. is considering the purchase of a major piece of equipment for its Winnipeg manufacturing plant. The project would cost $22m in initial investment and would result in cost savings, before tax, of $3.25m per year for five years. The equipment could be sold for $4.5m at the end of the five years. The company's CCA rate is 25% and the corporate tax rate is 34%. The company's required rate of return is 11%. Using the tax shield approach, work out the NPV for Pinto's project. ( 25 marks)