Ride-em-Up Cowboy Meat Processing, Inc. is considering an upgrade to their facilities. The CEO and largest shareholder of the company was recently inspired by the movie about Dr. Temple Grandin, and believes that implementing some of Dr. Grandin's designs could increase the efficiency and profitability of the company.

A task force of engineers and marketers was formed to analyse different designs. They have settled on their top recommendation, and have come to you for a financial analysis. The upgrades are expected to last for 7 years. It is expected that the implementation of this design will increase the number of cattle that can be processed by 11,250 per year. The revenue generated by one head of cattle is expected to be $2,500 in the first year of the project; and the cost of one head of cattle is expected to be $1,350 in the first year of the project.

The updgrades will cost $55 million and will be depreciated on a straightline basis over the 7-year economic life of the project. The project will also require an immediate investment in net working capital of $400,000 which will be recovered at the end of the project.

The company's marginal tax rate is 35%. The company is currently financed entirely with equity, and the current cost of equity re = 9%.

However: the CEO wants to finance the updgrades entirely with debt so as not to dilute his control of the company. Assuming this is possible and that the company could raise the $55 million with an issue of bonds priced to yield 5% and maturing in 7 years, the annual interest expense for each of the next 7 years would be $2.750 million.

What is the value of the project with leverage? Round your answer to the nearest dollar, and do not include symbols or commas in your answer. For example, write "$1,234,567.89" as "1234568".