The JB Company has recently identified an island off the coast of Alaska that is home to the Emperor Goose, which has valuable feathers that are needed in the manufacture of a vaccine. JB intends to capture the geese, remove $5$ to $10$ feathers from each bird, then release them without harm. The owners of the island have offered to sell it to JB for USD $20$ million. JB will be faced with additional initial costs of USD $22$ million to engineer the equipment that will be used to extract the chemicals in the feathers and transport them to the facility located in Alaska.

JB expects to remove enough feathers to develop a workable vaccine over the three$-$year period. JB will invest an extra $$4$ million at the end of year $2$ to import a special grass that the geese love to eat. JB will donate $$1$ million at the end of year $3$ to the national geese foundation.

The following information has been made available to JB:

Year One Two Three

Revenues USD $77$million USD $82$ million USD $25$ million

Operating Expenses $($excluding depreciation$)$ USD $61$million USD $71$million USD $12$ million

Depreciation Percentage $39\%50\%$

Interest Expense USD $3$ million USD $4$ million USD $2$ million

JB will borrow the entire amount in US dollars in US bond and stock markets.

JB will use the New York bond market to issue USD $30$ million in three$-$year bonds. The coupon rate is $6\mathrm{.}11\%$ and the current price is expected to be USD $962.$

JB common shares trade on the NYSE and have a beta of $1\mathrm{.}39,$ while the S&P $500$ Index has a beta of $1\mathrm{.}0.$ The risk$-$free rate of interest is $5\mathrm{.}1\%$ and the return on a well$-$diversified portfolio is $11\mathrm{.}8\%.$

The following is a list of other relevant information: JB pays a marginal corporate tax rate of $20\%$; remember that land cannot be depreciated. JB hopes to buy another island off the coast of Iceland in exactly three years to find a new home for the sheep. The new island is expected to cost ISK $120$ million. The relevant exchange rate is ISK $40/$USD $($Iceland krona$).$

Determine the net present value $($in terms of US dollars$)$ for this project.