You work for a resource company that is evaluating the option of investing in a new project to improve the recovery of copper in a minerals processing plant. The project requires an investment of $11m in plant and equipment. The estimated project life is 7 years. It is estimated that this equipment will have a salvage value of $4m after 8 years. The sales projections are as shown below. 0 Year Sales revenue (x$m) 1 2.35 2 3.55 3 4.20 4 4.45 5 4.70 6 5.05 7 5.50 The operating costs (incl. COGS, sales, maintenance, overheads) have been estimated to be $1.35m in year 1 and these are expected to grow at an annual rate of 9%. There are also costs associated with the start-up of the plant in years 0 and 1. These are $3m and $2.2m respectively. The current costs of capital for your company are 4.0% for debt and 8.9% for equity, and the current ratios are 30% debt and 70% equity. The company is Australian. The corporate tax rate is 30%. a) What is the NPV for this project