Problem 13-1 Investment Outlay

Talbot Industries is considering launching a new product. The new manufacturing equipment will cost $13 million, and production and sales will require an initial $4 million investment in net operating working capital. The company's tax rate is 35%.

1. What is the initial investment outlay? Write out your answer completely. For example, 2 million should be entered as 2,000,000. $ ________________