spend the $$23$ million on new equipment needed for this project, look it over and give me your opinion." You open the report and find the following estimates $($in millions of dollars$)$:

$\backslash$table$[[,1,2,$dots,$9,10],[$Sales revenue,$32\mathrm{.}000,32\mathrm{.}000,,32\mathrm{.}000,32\mathrm{.}000],[-$ Cost of goods sold,$19\mathrm{.}200,19\mathrm{.}200,,19\mathrm{.}200,19\mathrm{.}200],[=$ Gross profit,$12\mathrm{.}800,12\mathrm{.}800,,12\mathrm{.}800,12\mathrm{.}800],[-$ General, sales, and administrative expenses,$1\mathrm{.}840,1\mathrm{.}840,,1\mathrm{.}840,1\mathrm{.}840],[-$ Depreciation,$2\mathrm{.}300,2\mathrm{.}300,,2\mathrm{.}300,2\mathrm{.}300],[=$ Net operating income,$8\mathrm{.}6600,8\mathrm{.}6600,,8\mathrm{.}6600,8\mathrm{.}6600],[-$ Income tax,$3\mathrm{.}031,3\mathrm{.}031,3\mathrm{.}031,3\mathrm{.}031,],[=$ Net income,$5\mathrm{.}629,5\mathrm{.}629,5\mathrm{.}629,5\mathrm{.}629,]]$ this amount is overhead that will be incurred even if the project is not accepted. Finally, you know that accounting earnings are not the right thing to focus on$!$

b$.$ If the cost of capital for this project is $11\%,$ what is your estimate of the value of the new project?

b$.$ If the cost of capital for this project is $11\%,$ what is your estimate of the value of the new project?

Value of project $=$$$$ million $($Round to three decimal places.$)$