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,-$$$33$

$1$ to $10,$$$12$

The project's beta is $1\mathrm{.}4.$ Assuming $r_f=4\%$ and $E(r_M)=14\%$

Required:

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.$)$

$$ Answer is complete but not entirely correct.

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 $3$ decimal places.$)$

Answer is complete but not entirely correct.