Roger has a levered cost of equity of 0.11. He is thinking of investing in a project with upfront costs of $8 million, which pays $2 million per year for the next 4 years. He is going to borrow $1 million to offset the startup costs at a rate of 0.05. His tax rate is 0.3. He will repay this loan at the end of the project. What is the NPV of this project, using the FTE method?