UQ is considering developing a solar farm in Warwick to enable the university to have 100% renewable electricty. Terrain solar led the project's initial study, which cost $200,000. You have been asked to provide a financial analysis for the project based on this study. The project's initial costs include land, $25 million, and solar panels, $100 million. The project's operating cost are $9.8 million per year, but saves the university $22.9 million in electricity costs every year. The current electricity costs are $25 million. The project is also expected to increase UQ's reputation and attract more students, estimating an additional $1.1 million net revenue a year.

The land depreciation is zero, but the solar panels' cost are depreciated using the straight-line method over 25 years with an ending book value of 5 million. UQ plans to sell the farm in 10 years and develop another farm with a new technology. You estimate the land and solar panels will sell for $30 million and $50 million respectively in 10 years.

The required rate of return for this project is 8.5% and the tax rate is 30%, what is the expected NPV? Round your answer to two decimals.