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You are planning a new project that is to be entirely financed by issuing new debt. The project will require $60 million in financing and

You are planning a new project that is to be entirely financed by issuing new debt. The project will require $60 million in financing and you estimate its NPV to be $18 million. The issue costs for the debt will be 5% of face value. Taking into account the costs of external financing, what is the NPV of the project?

Answer: $_______ million. (Round to two decimal places. No dollar sign, no comma.)

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