Twitz Corp. is looking at setting up a new manufacturing plant in Kennesaw, GA. Twitz had bought a piece of land 3 years ago for $2 million thinking to use it as for expansion of its warehouse, but Twitz decided to lease a building nearby for those purposes. Today, the value of the land net of taxes is estimated at $2.9 million. Twitz now wants to build a new manufacturing plant for a new project called AAA-T on this land; the plant will cost $10 million to build, and the site requires $1.5 million worth of improvements before it is suitable for construction. Launching the project will require an investment in working capital today in the amount of $2.2 million. In addition, new equipment in the amount of $3.1 million is needed for the project. The tax rate is 30%. What is the initial outlay (IO) for the NPV evaluation of this project?

PLEASE SHOW ALL STEPS!!