A company has established a joint venture with another company to build a toll road. The initial investment in paving equipment is $38 million. The equipment will be fully depreciated using the straight-line method over its economic life of five years. Earnings before interest, taxes, and depreciation collected from the toll road are projected to be $4 million per annum for 21 years starting from the end of the first year. The corporate tax rate is 15%. The required rate of return for the project under all-equity financing is 11%. The pretax cost of debt for the joint partnership is 8%. To encourage investment in the country's infrastructure, the government will subsidize the project with a $16 million, 13-year loan at an interest rate of 5% per year. All principal will be repaid in one balloon payment at the end of year 13. What is the NPV of the project (keep two decimal places)?