A project has a debt-to-equity ration of 2/3, and it is kept constant. The unlevered return on equity is 8.94% and its net income is 1,250,000 for the 7 years of its life. The annual depreciation installment is 2,100,000 for the 7 years of the project. The interest rate paid by the company is 3.25%. The initial investment required from equity holders is 12,000,000. What is the NPV to equity holders if the tax rate is 32%?