Retlaw Corporation $($RC$)$ manufactures time$-$series photographic equipment. It is currently at its target debt$-$equity ratio of $0\mathrm{.}83.$ It's

considering building a new $$46$ million manufacturing facility. This new plant is expected to generate after$-$tax cash flows of $$8\mathrm{.}5$

million in perpetuity. The company raises all equity from outside financing. There are three financing options:

A new issue of common stock: The flotation costs of the new common stock would be $8\%$ of the amount raised. The required return

on the company's new equity is $16\%.$

A new issue of $20-$year bonds: The flotation costs of the new bonds would be $4\%$ of the proceeds. If the company issues these new

bonds at an anual coupon rate of $8\mathrm{.}0\%,$ they will sell at par.

Increased use of accounts payable financing: Because this financing is part of the company's ongoing daily business, it has no

flotation costs, and the company assigns it a cost that is the same as the overall firm WACC. Management has a target ratio of

accounts payable to long$-$term debt of $0\mathrm{.}140.($Assume there is no difference between the pre$-$tax and after$-$tax accounts payable

cost$.)$

What is the NPV of the new plant? Assume that RC has a $35\%$ tax rate. $($Enter the answer in dollars. Do not round intermediate

calculations. Round the WACC percentage to $2$ decimal places. Round the final answer to $2$ decimal places. Omit $ sign in your

response.$)$

NPV $