Triad Corporation has established a joint venture with Tobacco Road Construction,

Incorporated, to build a toll road in North Carolina. The initial investment in paving

equipment is $$137$ million. The equipment will be fully depreciated using the straight$-$line

method over its economic life of five years. Earnings before interest, taxes, and

depreciation collected from the toll road are projected to be $$21\mathrm{.}3$ million per annum for

$20$ years starting from the end of the first year. The corporate tax rate is $23$ percent. The

required rate of return for the project under all$-$equity financing is $15$ percent. The pretax

cost of debt for the joint partnership is $8\mathrm{.}1$ percent. To encourage investment in the

country's infrastructure, the U$.$S$.$ government will subsidize the project with a $$55$ million,

$15-$year loan at an interest rate of $4\mathrm{.}6$ percent per year. All principal will be repaid in one

balloon payment at the end of Year $15.$ What is the adjusted present value of this project?

$($Do not round intermediate calculations and enter your answer in dollars, not millions

of dollars, rounded to $2$ decimal places, e$.$g$.,1,234,567\mathrm{.}89)$

Adjusted present value

$12,082,531\mathrm{.}21$ is the correct answer please show in excel with formulas shown