Photochronograph Corporation (PC) manufactures time series photogra It is currently at its target debt-equity ratio of 75. It's considering buil million manufacturing facility. This new plant is expected to generate aft of $7.3 million in perpetuity. The company raises all equity from outside are three financing options: 1. A new issue of common stock: The flotation costs of the new commor 9 percent of the amount raised. The required return on the company 15 percent. 2. A new issue of 20-year bonds: The flotation costs of the new bon percent of the proceeds. If the company issues these new bonds at a rate of 5.3 percent, they will sell at par. 3. Increased use of accounts payable financing: Because this financir company's ongoing daily business, it has no flotation costs and the c it a cost that is the same as the overall firm WACC. Management has accounts payable to long-term debt of .10. Assume there is no differe pretax and aftertax accounts payable costs. What is the NPV of the new plant? Assume that PC has a 25 percent 1 round intermediate calculations and enter your answer in dollars, dollars, rounded to the nearest whole dollar amount, e.g., 1,234,567.) NPV Photochronograph Corporation (PC) manufactures time series photographic equipment. It is currently at its target debt-equity ratio of 75. It's considering building a new $60 million manufacturing facility. This new plant is expected to generate aftertax cash flows of $7.3 million in perpetuity. The company raises all equity from outside financing. There are three financing options: 1. A new issue of common stock: The flotation costs of the new common stock would be 9 percent of the amount raised. The required return on the company's new equity is 15 percent. 2. A new issue of 20-year bonds: The flotation costs of the new bonds would be 3.6 percent of the proceeds. If the company issues these new bonds at an annual coupon rate of 5.3 percent, they will sell at par. 3. Increased use of accounts payable financing: Because this financing is part of the company's ongoing daily business, it has no flotation costs and the company assigns it a cost that is the same as the overall firm WACC. Management has a target ratio of accounts payable to long-term debt of 10. Assume there is no difference between the pretax and aftertax accounts payable costs. What is the NPV of the new plant? Assume that PC has a 20 percent tax rate. (Do not round intermediate calculations and enter your answer in dollars, not millions of dollars, rounded to the nearest whole dollar amount, e.g., 1,234,567.) NPV