what is the value of this project?

You are a manager at Northem Fibre, which is considering expanding its operations in synthetic fibre manufacturing. Your boss comes into your office, drops a consultant's report on your desk, and complains, "We owe these consultants \$1.9 million for this report, and I am not sure their analysis makes sense. Before we spend the $18 million on new equipment needed for this project, look it over and give me your opinion-" You open the report and find the following estimates (in millions of dollars): b. If the cost of capital for this project is 11%, what is your estimate of the value of the new project? Value of project = milion (Round to three decimal places.)