Problem $12-31$ CAPM and Valuation $($LO$3)$

You are a consultant to a firm evaluating an expansion of its current business. The cash$-$flow forecasts $($in millions of dollars$)$ for the oroject are as follows:

$\backslash$table$[[$Years$,$Cash Flow$],[0,-100],[1-10,+18]]$

On the basis of the behavior of the firm's stock, you believe that the beta of the firm is $1\mathrm{.}38.$ Assuming that the rate of return available risk$-$free investments is $7\%$ and that the expected rate of return on the market portfolio is $15\%,$ what is the net present value of the roject?

Vote: Negative amount should be indicated by a minus sign. Do not round intermediate calculations. Enter your answer in millions f dollars rounded to $2$ decimal places.

Net present value

$

$(29\mathrm{.}11)$ million