1 ! 2 Part 2 of 5 points 8 01:38:29 Required information The Foundational 15 (Algo) [LO14-1, LO14-2, LO14-3, LO14-5, LO14-6] [The following information applies to the questions displayed below.] Cardinal Company is considering a five-year project that would require a $3,025,000 investment in equipment with a useful life of five years and no salvage value. The company's discount rate is 16%. The project would provide net operating income in each of five years as follows: Sales Variable expenses Contribution margin Fixed expenses: Advertising, salaries, and other fixed out-of-pocket costs Depreciation $ 610,000 605,000 $ 2,737,000 1,001,000 1,736,000 Total fixed expenses eBook Net operating income Print 1,215,000 $ 521,000 Click here to view Exhibit 14B-1 and Exhibit 14B-2, to determine the appropriate discount factor(s) using table. Foundational 14-3 (Algo) 3. What is the present value of the project's annual net cash inflows? (Round your final answer to the nearest whole dollar amount.) Present value