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 $1.7 million for this report, and I am not sure their analysis makes sense. Before we spend the $30 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 9 10 35.000 21.000 Sales revenue Cost of goods sold = Gross profit - General, sales, and administrative expenses - Depreciation = Net operating income - Income tax 35.000 21.000 14.000 2.400 3.000 8.6000 3.01 2 35.000 21.000 14.000 2.400 3.000 8.6000 3.01 14.000 2.400 3.000 8.6000 3.01 35.000 21.000 14.000 2.400 3.000 8.6000 3.01 b. If the cost of capital for this project is 16%, what is your estimate of the value of the new project? Value of project = $ million (Round to three decimal places.)