TresX Inc. is considering launching a new product. TresX had bought a piece of land 5 years ago for $1 million thinking to use it for expansion of its warehouse, but instead TresX decided to lease a building nearby for those purposes. Today, the value of the land net of taxes is estimated at $3.4 million. TresX now wants to build a new manufacturing plant for the new project on this land. The plant will cost $12 million to build and the site requires $1.0 million worth of improvements before it is suitable for construction. Launching the project will require, today, $2.4 million investment in net operating working capital. In addition, new equipment in the amount of $3.5 million is needed for the project. The tax rate is 20%. What is the initial investment outlay (IO) for the NPV evaluation of the project?

Since the IO is a cash outlay, enter the answer using the negative sign (-) in front of the first digit of your answer. Enter your answer in millions. For example, if you obtained -$3,450,000 then enter -3.45; for -4,000,000 then enter -4.00