Archer Daniels Midland Company is considering buying a new farmthat it plans to

Archer Daniels Midland Company is considering buying a new farmthat it plans to operate for 10 years. The farm will require aninitial investment of $12.20 million. This investment will consistof $3.00 million for land and $9.20 million for trucks and otherequipment. The land all trucks and all other equipment isexpected to be sold at the end of 10 years at a price of $5.26million $2.31 million above book value. The farm is expected toproduce revenue of $2.03 million each year and annual cash flowfrom operations equals $1.88 million. The marginal tax rate is 35percent and the appropriate discount rate is 9 percent. Calculatethe NPV of this investment. (Round intermediate calculations andfinal answer to 2 decimal places e.g. 15.25.)