Walker, Inc., is an all-equity firm. The cost of the companys equity is currently 11.6 percent and the risk-free rate is 4.5 percent. The company is currently considering a project that will cost $11.97 million and last six years. The company uses straight-line depreciation. The project will generate revenues minus expenses each year in the amount of $3.57 million.

If the company has a tax rate of 24 percent, what is the net present value of the project?