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You are planning a new project that is to be entirely financed by issuing new debt. The project will require $20.85 million in financing and

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You are planning a new project that is to be entirely financed by issuing new debt. The project will require $20.85 million in financing and you estimate its NPV to be $15.353 million. The issue costs for the debt will be 2.7% of face value. Taking into account the costs of external financing, what is the NPV of the project? The new NPV will be $. (Round to the nearest dollar.)

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