Watson, Inc., is an all-equity firm. The cost of the companys equity is currently 11 percent, and the risk-free rate is 5.3 percent. The company is currently considering a project that will cost $11.94 million and last six years. The project will generate revenues minus expenses each year in the amount of $3.38 million.

If the company has a tax rate of 40 percent, what is the net present value of the project?