Cardinal Company is considering a five-year project requiring a $2,765,000 investment in equipment with a useful life of five years and no salvage value. The company's discount rate is 14%. 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 Total fixed expenses $ 2,851,000 1,150,000 1,701,000 $ 670,000 553,000 1,223,000 3478.000 Net operating income Click here to view Exhibit 14B-1 and Exhibit 14B-2, to determine the appropriate discount factor(s) using table. 3. What is the present value of the project's annual net cash inflows? Note: Round your final answer to the nearest whole dollar amount.