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39.-40. TK Holding Company is planning a multi-year expansion project. Expenditures for the project are estimated to occur as follows:Year* Investment Cost Purpose t = 0 (now) $500,000 Acquire land t = 1 $14,000,000 Construct manufacturing plant t = 2 $4,500,000 Acquire and install equipment * Assume that the cash outflows in Year 1 and Year 2 occur on December 31. TK Holding Company has a Weighted Average Cost of Capital (WACC) of 12%. Given this information, what is the present value today at t = 0 of the cost of this proposed investment project