You are the CEO of Green Paper Inc., a producer of high-end printing paper with an emphasis on environmentally friendly "green" production methods. One of your employees has proposed a significant expansion of your product line. The expansion requires an initial investment of $15m. The expansion is expected to generate incremental unlevered free cash flows (FCF) of $2.9 million in the first year, which are then expected to grow at a rate of 1.5% (EAR) per year in perpetuity.

Green Paper has maintained, and will continue to maintain, a constant debt-to-equity (D/E) ratio of 0.7 for its existing operations. Based on this leverage policy, you have unlevered the firm's equity beta and estimated an unlevered cost of capital of 14%. Assume that the cash flows from the expansion have the same systematic risk as the cash flows from the firm's existing lines of business. Suppose that corporate taxes are the only friction in the economy, and suppose that the corporate tax rate is 26%. The new project will be financed by issuing $7 million in debt (in market value terms) that will be maintained at a constant dollar amount(not constant debt-to-equity ratio) forever. The debt cost of capital associated with this debt issue is estimated to be 4%. What is the NPV of the expansion project, in $ millions?