Wilma is considering opening a widget factory. The unlevered cost of equity for making widgets is 0.13. This factory would cost $23 million to set up, and would produce EBIT of $3 million per year for the foreseeable future. She is thinking of applying for a $5 million subsidized perpetual loan to finance this project. Complying with the auditing requirements of this loan would have a present value of $2 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 0.31. What is the NPV of this project, using the APV method?