Suppose Company C's stock return has a volatility of 50% and its correlation with the Market Portfolio is 75%. The expected return on the Market Portfolio is 8% and the volatility of the Market Portfolio is 25%. Riskfree government bonds yield 1% and Company Cs bonds yield 7%. Company Cs capital structure is 60% equity and 40% debt. The corporate tax rate is 35%. Company C is thinking of buying a new factory that costs $50 million today and will generate $5 million per year of after-tax profit at the end of every year for 30 years beginning at the end of this year. Calculate the NPV of the new factory investment.

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