Triad Corporation has established a Joint venture with Tobacco Road Construction, Inc.,

to build a toll road in North Carolina. The initial investment in paving equipment is $$177$

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 $$23\mathrm{.}6$ 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 $13$ percent. The pretax cost of debt for the

joint partnership is $8\mathrm{.}2$ percent. To encourage investment in the country's Infrastructure,

the U$.$S$.$ government will subsidize the project with a $$105$ million, $15-$year loan at an

Interest rate of $4\mathrm{.}7$ 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 Intermedlate

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