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You are given the following information regarding a Solar Energy System project: The Solar system requires an upfront cost of $26.5 million. This cost can

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You are given the following information regarding a Solar Energy System project: The Solar system requires an upfront cost of $26.5 million. This cost can be depreciated on straight-line basis over the first 3 years. However, the project has an economic life of 6 years. The project's interest expense is $3.1 million per year. There is no requirement for extra investment in net operating working capital. The project can help the firm to increase its sales by $22.6 million per year over the project's economic life. The operating cost excluding depreciation is equal to 53.0% of the increase in annual sales. The project's after-tax salvage value at t = 6 is expected to be $3.7 million. The company's tax rate is 31.0%. For the discount rate for the project, the firm's CFO decides to discount the operating cash flows at the company's overall weighted average cost of capital of 8.7% while discounting the salvage value at 12.4% due to its uncertainty. . What is the net present value (NPV) of the Solar Energy System project? million. (Give answer to 2 decimal places)

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