10 Cardinal Company is considering a project that would require a $2,765,000 investment in equipment with a useful life of five years. At the end of five years, the project would terminate and the equipment would be sold for its salvage value of $200,000. The company's discount rate is 12%. The project would provide net operating income each year as follows: $2,861,000 1,101, eee 1,760,000 25 points Sales Variable expenses Contribution margin Fixed expenses: Advertising, salaries, and other fixed out-of-pocket costs Depreciation Total fixed expenses Net operating income $705,000 513,000 8 01:30:33 1,218,000 $ 542,000 Click here to view Exhibit 10-1 and Exhibit 10-2. to determine the appropriate discount factor(s) using tables Required: What is the present value of the project's annual net cash inflows? (Round discount factor(s) to 3 decimal places and final answer to the nearest dollar amount.) Present value