Cardinal Company is considering a five-year project that would require a $2,500,000 investment in equipment with a useful life of five years and no salvage value. The companys discount rate is 12%. The project would provide net operating income in each of five years as follows:

Sales			$	2,853,000
Variable expenses				1,200,000
Contribution margin				1,653,000
Fixed expenses:
Advertising, salaries, and other fixed out-of-pocket costs	$	790,000
Depreciation		500,000
Total fixed expenses				1,290,000
Net operating income			$	363,000

3. What is the present value of the projects annual net cash inflows? (Round your final answer to the nearest whole dollar amount.)