Carson Trucking is considering whether to expand its regional service center in Mohab, UT. The expansion requires the expenditure of

$9,000,000

on new service equipment and would generate annual net cash inflows from reduced costs of operations equal to

$4,000,000

per year for each of the next

7

years. In year

7

the firm will also get back a cash flow equal to the salvage value of the equipment, which is valued at

$0.8

million. Thus, in year

7

the investment cash inflow totals

$4,800,000.

Calculate the project's NPV using a discount rate of 6 percent. (round to the nearest dollar)