A manufacturing company is purchasing a production facility at a cost of $8.9 million. The company expects the project to generate annual cash flows of $4.8 million over the next 4 years. Its cost of capital is 9.3 percent. What is the net present value of this project? (in millions dollars to three decimals)
a. $6.549
b. $3.186
c. $9.626
d. $75.800