Suppose NBC corp. has a project opportunity. The project has an initial cost of $20 million. The projects expected cashflows are $0.5 million the first year and will grow at 1% per year thereafter. NBC has an equity cost of capital of 7%, a debt cost of capital of 5%, a capital structure of 60% equity & 40% debt, and has a tax rate of 15%. 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.