TPM has an after$-$tax cost of capital of $12\%$; the current tax rate is $30\%.$

The current pulp mill equipment has an annual output of $500,000$ air dried tonnes $($ADt$)$ of pulp which currently sells at $$124$ per tonne.

The current equipment was purchased three years ago for $$49,000,000.$ It has a book value of $$28,000,000$ and another four years of life remaining with no salvage value. It can be sold on the secondary market today for $$11,000,000$

The current equipment requires annual fixed cash costs $($including overhead and operating$)$ of $$41,500,000$

Manufacturing pulp using the current equipment incurs the following costs $($per tonne$)$ in addition to the costs stated in $(5)$: labour $$33\mathrm{.}5,$ material $$36\mathrm{.}5,$ variable overhead $$14\mathrm{.}25,$ and fixed overhead $$16\mathrm{.}5.$

Calculate the NPV of these