Suppose that Disney wants to follow up on the success of Frozen, with a feature film featuring Olaf the Snowman. The movie will cost $170.00 million to produce, and the producers expect the movie to generate a cash flow of $162.00 million in the first year. After the first year, cash flows will decline to $15.00 million in year 2.

However, the movie will also create synergy within the company. Disney will build a new Olaf ride at Epcot for $38.00 million. Disney suspects that the ride will bring visitors to the park and increase merchandise sales. Disney estimates that sales will increase by $13.00 million per year in PERPETUITY. The after-tax operating margin on these sales is 47.00% for Disney.

The cost of capital for Disney is 11.00%.

What is the NPV of this project without any synergy from the new Olaf ride? (express in terms of millions)

AND

If we add the PV of the side effects to the NPV, what is the total value of this project? (express in terms of millions)