(Calculating NPV) (Related to Checkpoint 11.1 on page 367) Dowling Sportswear is considering building a new factory to produce aluminum baseball bats. This project will require an initial cash outlay of $8,000,000 and will generate annual net cash inflows of

$2,000,000 per year for six years. Calculate the project’s NPV for each of the following discount rates:

a. 9 percent

b. 11 percent

c. 13 percent

d. 15 percent