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 $20 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): 9 34 000 20.400 13.600 1 2 34.000 34.000 20.400 20.400 13.600 13.600 1.600 1.600 2000 2.000 10.0000 10 0000 3.5 35 Sales revenue -Cost of goods sold = Gross profit - General, sales, and administrative expenses -Depreciation = Net operating income - Income tax 10 34.000 20.400 13.600 1.600 2.000 10.0000 3.5 1.600 2.000 10.0000 35 GIT b. If the cost of capital for this project is 9%, what is your estimate of the value of the new project? Value of projects million (Round to three decimal places)