Your? R&D division has just synthesized a material that will superconduct electricity at room? temperature; you have given the go ahead to try to produce this material commercially. It will take five years to find out whether the material is commercially? viable, and you estimate that the probability of success is 25%. Development will cost $10.4 million per? year, paid at the beginning of each year. If development is successful and you decide to produce the? material, the factory will be built immediately. It will cost $1,001 million to put in place and will generate profits of $85 million at the end of every year in perpetuity. Assume that the current? five-year risk-free interest rate is 10.3% per? year, and the yield on a perpetual? risk-free bond will be either 12.2%?, 9.6%?, 8.4%?, or 5.3% in five years. Assume that the? risk-neutral probability of each possible rate is the same. What is the value today of this? project?

What is the value of the development opportunity? today? $___ million ?(Round to one decimal? place.)