Your company owns a minor league baseball team and is considering building a new stadium. The local governments refuse to help build the stadium, so you must fund it yourself. The stadium will cost

$15,000,000

and will have a

20-year

life span, after which it will be valueless. It will take a year to build, so you cannot use the stadium until the second year. You are planning to finance it with a loan. The loan will require that you make interest payments of

$400,000

at the end of years one through five. At the end of year five, you will also have to make a balloon payment of the

$5,000,000

principal. You expect that the operating profit from the new stadium will be

$3,000,000

per year from the 2nd year (when the stadium will open) through the 21st year (when it will close). The accounting depreciation allowance will be

$900,000

per year for the first

10

years, after which it will be zero. Your tax rate is

20

percent of your taxable profit. Your discount rate is

9

percent.

The net present value of building the stadium is

$nothing______.

(Round

your answer to two decimal

places.)