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 $$1\mathrm{.}6$ million for this report, and I am not sure their analysis makes sense. Before we spend the $$19$ 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$)$:

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.$)$