Wilma is considering opening a widget factory. The unlevered cost of equity for making widgets is 0.14 . This factory would cost $13 million to set up, and would produce EBIT of $4 million per year for the foreseeable future. She is thinking of applying for a $4 million subsidized perpetual loan to finance this project. Complying with the auditing requirements of this loan would have a present value of $1 million. This loan would have a rate of 0.05 , while the rate she could get from the bank is 0.07 . Her tax rate is 0.37 . What is the NPV of this project, using the APV method