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 Advertising, salaries, and other fixed i Fixed expenses: out-of-pocket costs Total fixed expenses Depreciation $ 2,737,000 1,001,000 1,736,000 $610,000 605,000 1,215,000 $ 521,000 Net operating income Click here to view Exhibit 14B-1 and Exhibit 148-2. 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 1,126,000