You are considering a project which requires an initial investment of $15Million and which will generate cash flow of $3Million a year for ten years. The firm's WACC is 16% and opportunity cost of capital at this pertinent debt level is 14%. The firm has to issue debt to undertake this project. You have estimated that you will have to pay the investment bankers $500K to facilitate the issuance of the debt. The present value of the interest tax shield is $2Million

Determine the project's baseline NPV and APV