You are analyzing a project with a 30-year lifetime, with the following characteristics: • The project will require an initial investment of $20 million and additional investment of $5 million in year 10 and $5 million in year 20. • The project will generate earnings before interest and taxes of $3 million each year. • The tax rate is 40%. • The depreciation will amount to $500,000 each year, and the salvage value of the equipment will be equal to the remaining book value at the end of year 30. • The cost of capital is 12.5%. What is the net present value (NPV) of this project?