Walker, Inc., is an all-equity firm. The cost of the company's equity is currently 11.2 percentand the risk-free rate is 4.1 percent. The company is currently considering a project that will cost $11.85 million and last six years. The company uses straight-line depreciation. The project will generate revenues minus expenses each year in the amount of $3.49 million.

If the company has a tax rate of 25 percent, what is the net present value of the project?