Question $13(1\mathrm{.}5$ points$)$

Baladang company considers introducing a new product to the market. Baladang conducted a market feasibility study just now. According to a report from the study, the company should buy a state$-$of$-$the$-$art manufacturing machine right now, whose economic life is two years with no residual value. The report predicts that this project will generate unlevered net incomes for next two year with associated working capital as below. If the company uses a straight$-$line depreciation method, what is the net present value $($NPV$)$ of this project for the decision making as of now? Following the convention, assume that all future cash flows will occur at the end of their relevant periods. The answers are expressed in million euros.

$\backslash$table$[[,0,1,2],[$Feasibility study, m$,67,160,430],[$NOPAT$,$ m$,0,-16,0],[$Working capital, m$,480,,],[$Investment$,$ m$,18\%,,],[$Tax rate, $\%,16\mathrm{.}5\%,,],[$Required return, $\%,,,]]$

Instructions: Round the result to two decimal places and do not put the $"$m $lon"$ symbol in the answer box. For example if you get a result of $723\mathrm{.}2893$ m$$ then write $723\mathrm{.}29$ in the answer box below.