Suppose Canyon Shopping Center (CSC) has a project opportunity. The project has an initial cost of $10 million. The projects expected cashflows are $1 million the first year and will increase by 1% per year thereafter. CSC has an equity cost of capital of 5%, a debt cost of capital of 3%, a capital structure of 100% equity and 0% debt, and has a tax rate of 20%. What is the NPV of this project (in millions)?

Instruction: Type ONLY your numerical answer in the unit of dollars, NO $ sign, NO comma, and round to one decimal places. E.g., if your answer is $7,001.56 million, you should type ONLY the number 7001.6, NEITHER 7,001.6, $7001.6, $7,001.6, NOR 7002. Otherwise, Blackboard will treat it as a wrong answer.