undertaken, then the land can be sold for $4.3 million. The initial capital expenditure for this project will be $16 million. Because this is a replacement project, management feels that inventory will be reduced by $2.41 million but that will be reversed at the end of this project. The company also spent $1.03 million on a marketing survey to dete
A company is trying to determine the initial investment for a four-year replacement project. The company owns some land that was originally purchased for $1,000,000. The land can be used for this new project but if the project is not undertaken, then the land can be sold for $4.3 million. The initial capital expenditure for this project will be $16 million. Because this is a replacement project, management feels that inventory will be reduced by $2.41 million but that will be reversed at the end of this project. The company also spent $1.03 million on a marketing survey to determine the feasibility of this project. What is the initial outlay at time 0 for this project? Express your answer in millions of dollars and round to two decimal places. Negative amount should be indicated by a minus sign
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