Walmart is considering opening a small experimental store in New York City. A store is expected to have a long economic life, but the valuation horizon is 14 years. The store in New York is likely to generate revenues of $32M in the first year and then it grows at 5.0%. But the costs of running the business are high because the margins on all the products sold are low. (It is a volume business!) The cost of goods sold is $10M in year 1 and it is expected to grow at 3.0% per year thereafter. Selling and administration costs are likely to be $1.4M every year as it is a small store. The tax rate is 35%. Walmart is so good at managing its stores that working capital increases can be assumed to be negligible. But since New York City is an expensive place, Walmart will have to invest $200M in purchasing a building (with land) even though it is a much smaller property than a usual Walmart store. The good news is that this outlay can be straight line depreciated over 14 years. Also, Walmart has estimated that the after-tax terminal value in year 14 dollars is $125M. This value is the present value of all cash flows in year 15 and beyond. What is the NPV of opening this new store if the appropriate discount rate is 4.5%? (Again, all cash flows except initial investments happen at the end of the year. You are strongly encouraged to use a spreadsheet.) (Enter just the number in dollars without the $ sign or a comma and round off decimals to the closest integer, i.e., rounding $30.49 down to $30 and rounding $30.50 up to $31.)