You can invest in a risk-free technology that requires an upfront payment of $1.16 million and will provide a perpetual annual cash flow of $118,000. Suppose all interest rates will be either 9.9% or 5.2% in one year and remain there forever. The risk-neutral probability that interest rates will drop to 5.2% is 85%. The one-year risk-free interest rate is 8.1 %8.1%, and today's rate on a risk-free perpetual bond is 5.3%. The rate on an equivalent perpetual bond that is repayable at any time (the callable annuity rate) is 8.7%. a. What is the NPV of investing today?