U Question 15 Premier Manufacturing is considering a new project. An outlay of $15 million is required for equipment to produce the new product, and additional networking capital in the amount of $2.8 million is also required. The project is expected to have an eight-year life, and the equipment will be depreciated on a straight-line basis to a zero book value over eight years. Although the equipment will be depreciated to a zero book value, it is expected to have a salvage value of $2 million. The projects revenues minus expenses are expected to be $5 million per year. The cost of capital is 16% and the tax rate is 35%. Compute the project's initial outlay (CF in Year O). (Enter your answer in dollars and cents)