Question $13(2$ points$)$

A project has an expected cash flow of $$2$ million every year for the next $10$ years, and $0$ after that. The project is financed $40\%$ by debt and $60\%$ by equity. The cost of debt is $4\%$ and the cost of equity is $11\%$ There are no taxes. What is the present value of the project?

$$13\mathrm{.}30$ million

$$11\mathrm{.}78$ million

$$24\mathrm{.}39$ million

$$16\mathrm{.}22$ million