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 $1.8 million for this report, and I am not sure their analysis makes sense. Before we spend the $24 milion 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 Sales revenue - Cost of goods sold Gross profit - General, sales, and administrative expenses -Depreciation Net operating income -Income tax 30.000 18.000 12 000 1.920 2.400 7.6800 2688 2 30.000 18.000 12.000 1.920 2.400 7.6800 2.688 9 30.000 18.000 12.000 1920 2.400 7.6800 2688 10 30,000 18.000 12.000 1.920 2.400 7.6800 2688 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.)