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 $1.9 million for this report, and I am not sure their analysis makes sense. Before we spend the $21 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 31.000 31.000 31.000 31.000 - Cost of goods sold 18.600 18.600 18.600 18.600 = Gross profit 12.400 12.400 12.400 12.400 - General, sales, and administrative expenses 1.680 1.680 1.680 1.680 - Depreciation 2.100 2.100 2.100 2.100 = Net operating income 8.6200 8.6200 8.6200 8.6200 b. If the cost of capital for this project is 10%, what is your estimate of the value of the new project? Value of project = $ million (Round to three decimal places.)