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 Now	After-tax CF
0	-36
1-9	12
10	24

The project's beta is 1.5. Assuming rf = 4% and E(rm) = 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).