The Chief Risk Officer (CRO) of an investment firm needs the risk management team to evaluate the firm's 3-year derivative contract risk with a counterparty. The team assumes that the counterparty's default probability follows a constant hazard rate process. The table below provides information on the trade, including estimates for the credit default swap (CDS) spread, the expected exposure, and the counterparty's recovery rate:

Year	Expected exposure (AUD million)	CDS spread (bps)	Recovery rate (%)
1	14	200	80
2	14	300	70
3	14	400	60

Additionally, the CRO has specified the following assumptions for the evaluation:

1. The investment firm and the counterparty have entered into a credit support annex (CSA) to reduce exposure, which requires a collateral deposit of AUD 11 million.
2. The current risk-free interest rate is 3%, with the yield curve expected to remain constant for the next 3 years.
3. The values for collateral and exposure are projected to stay uniform according to the provided estimates over the 3-year period of the contract.

Given the above information and assumptions, what is the correct calculation for the Credit Valuation Adjustment (CVA) for this contract?