spend the $$26$ 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,$33\mathrm{.}000,33\mathrm{.}000,,33\mathrm{.}000,33\mathrm{.}000],[-$ Cost of goods sold,$19\mathrm{.}800,19\mathrm{.}800,,19\mathrm{.}800,19\mathrm{.}800],[-$ Gross profit,$13\mathrm{.}200,13\mathrm{.}200,,13\mathrm{.}200,13\mathrm{.}200],[-$ General, sales, and administrative expenses,$2\mathrm{.}080,2\mathrm{.}080,,2\mathrm{.}080,2\mathrm{.}080],[-$ Depreciation,$2\mathrm{.}600,2\mathrm{.}600,,2\mathrm{.}600,2\mathrm{.}600],[-$ Net operating income,$8\mathrm{.}5200,8\mathrm{.}5200,,8\mathrm{.}5200,8\mathrm{.}5200],[-$ Income tax,$2\mathrm{.}982,2\mathrm{.}982,2\mathrm{.}982,2\mathrm{.}982,],[=$ Net income,$5\mathrm{.}538,5\mathrm{.}538,5\mathrm{.}538,5\mathrm{.}538,]]$

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.$)$