You are a manager at Northern Fibre, which is considering expanding its operations in synthetic fibre manufacturing. Your boss comes into your office, drops a consultant's report on your desk, and complains, "We owe these consultants $1.4 million for this report, and I am not sure their analysis makes sense. Before we spend the $15 million on new equipment needed for this project, look it over and give me your opinion." You open the report and find the following estimates (in millions of dollars): 1 2 9 10 Sales revenue - Cost of goods sold = Gross profit - General, sales, and administrative expenses - Depreciation = Net operating income - Income tax 34.000 20.400 13.600 1.200 1.500 10.9000 3.815 34.000 20.400 13.600 1.200 1.500 10.9000 3.815 34.000 20.400 13.600 1.200 1.500 34.000 20.400 13.600 1.200 1.500 10.9000 3.815 10.9000 3.815 b. If the cost of capital for this project is 11%, what is your estimate of the value of the new project? Value of project = $ million (Round to three decimal places.)