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 $$1\mathrm{.}3$ million for this report, and I am not sure their analysis makes sense. Before we spend the $$22$ 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$)$:

$\backslash$table$[[,1,2,..,9,10],[$Sales revenue,$28\mathrm{.}000,28\mathrm{.}000,,28\mathrm{.}000,28\mathrm{.}000],[-$ Cost of goods sold,$16\mathrm{.}800,16\mathrm{.}800,,16\mathrm{.}800,16\mathrm{.}800],[=$ Gross profit,$11\mathrm{.}200,11\mathrm{.}200,,11\mathrm{.}200,11\mathrm{.}200],[-$ General, sales, and administrative expenses,$1\mathrm{.}760,1\mathrm{.}760,,1\mathrm{.}760,1\mathrm{.}760],[-$ Depreciation,$2\mathrm{.}200,2\mathrm{.}200,,2\mathrm{.}200,2\mathrm{.}200],[=$ Net operating income,$7\mathrm{.}2400,7\mathrm{.}2400,,7\mathrm{.}2400,7\mathrm{.}2400],[-$ Income tax,$2\mathrm{.}534,2\mathrm{.}534,,2\mathrm{.}534,2\mathrm{.}534],[=$ Net income,$4\mathrm{.}706,4\mathrm{.}706,4\mathrm{.}706,4\mathrm{.}706,]]$

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.$)$