Question 7 (4 points) Listen Twitz Corp. is looking at setting up a new manufacturing plant in Kennesaw, GA. Twitz had bought a piece of land 3 years ago for $1 million thinking to use it as for expansion of its warehouse, but Twitz decided to lease a building nearby for those purposes. Today, the value of the land net of taxes is estimated at $2.6 million. Twitz now wants to build a new manufacturing plant for a new project called AAA-T on this land; the plant will cost $8 million to build, and the site requires $1.3 million worth of improvements before it is suitable for construction. Launching the project will require an investment in working capital today in the amount of $2.4 million. In addition, new equipment in the amount of $3.5 million is needed for the project. The tax rate is 20%. What is the initial investment outlay (IO) for the NPV evaluation of this project? Enter your answer in millions rounding to two decimals and use a negative when IO is a cash outflow. For example, if you obtained a cash outflow of $3,450,000 then enter -3.45; for a cash flow of $4,000,000 then enter -4.00 Your Answer: Answer