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You are planning to issue debt to finance a new project. The project will require...

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Finance

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You are planning to issue debt to finance a new project. The project will require $20.59 million in financing and you estimate its NPV to be $15.689 million. The issue costs for the debt will be 2.7% of face value. Taking into account the costs of external financing, what is the NPV of the project? The new NPV will be $ (Round to the nearest dollar.)

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