Walker, Inc., is an all-equity firm. The cost of the company's equity is currently 11.3 percentand the risk-free rate is 4.2 percent. The company is currently considering a project that will cost $11.88 million and last six years. The company uses straight-line depreciation. The project will generate revenues minus expenses each year in the amount of $3.51 million.

If the company has a tax rate of 21 percent, what is the net present value of the project? (Round to tow decimal places)