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{.}9$ 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$)$:

All of the estimates in the report seem correct. You note that the consultants used$$ straight$-$line depreciation for the new equipment that will be purchased today$($year $0),$ which is what the accounting department recommended for financial reporting purposes. CRA allows a CCA rate of $30\%$ on the equipment for tax purposes. The report concludes that because the project will increase earnings by $$5\mathrm{.}317$ million per year for ten$$ years, the project is worth $$53\mathrm{.}17$ million. You think back to your glory days in finance class and realize there is more work to be$$ done!$$

First you note that the consultants have not factored in the fact that the project will require $$12$ million in working capital up front$($year $0),$ which will be fully recovered in year $10.$ Next you see they have attributed $$1\mathrm{.}52$ million of$$ selling, general and administrative expenses to the$$ project, but you know that $$0\mathrm{.}76$ million of this amount is overhead that will be incurred even if the project is not accepted.$$ Finally, you know that accounting earnings are not the right thing to focus$$ on$!$

b$.$ If the cost of capital for this project is $10\%,$ what is your estimate of the value of the new$$ project?

Please let me know what I am doing wrong here and provide the right answer. I attempted this numerous times on Excel and got $-26\mathrm{.}799.$ it is not right.$\backslash$table$[[,1,2,.,9,10$