A project under consideration is expected to produce annual cash flows of $6.5 million for the next 30 years. Assuming a tax rate of 40%, $1.3 million in annual interest payments, and a (levered) cost of equity of 16%, determine the net present value using the FTE method based on a cost of $15 million. Round your answer to three decimal places.
$ million
What does the NPV become if the tax rate falls to 35%? Round your answer to three decimal places.$ million