Cardinal Company is considering a five-year project that would require a $2,845,000 investment in equipment with a useful life of five years and no salvage value. The company's discount rate is 12%. The project would provide net operating income in each of five years as follows: Sales Variable expenses Contribution margin $ 2,869,000 1,126,000 1,743,000 Fixed expenses: Advertising, salaries, and other fixed out- of-pocket costs $ 709,000 Depreciation 569,000 Total fixed expenses Net operating income 1,278,000 $ 465,000 Click here to view Exhibit 12B-1 and Exhibit 12B-2, to determine the appropriate discount factor(s) using table. 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