You are a consultant to a large manufacturing corporation considering a project with the following net after-tax cash flows (in millions of dollars):

Years from NowAfter-Tax CF0 -26,1-9 16,10 32

The project's beta is 1.5. Assumingr_f= 6%andE(r_M) = 12%

a.What is the net present value of the project?(Do not round intermediate calculations. Enter your answer in millions rounded to 2 decimal places.)

b.What is the highest possible beta estimate for the project before its NPV becomes negative?(Do not round intermediate calculations. Round your answer to 2 decimal places.)