Casey Nelson is a divisional manager for Pigeon Company. His annual pay raises are largely determined by his division's return on investment(ROI), which has been above 23% each of the last three years. Casey is considering a capital budgeting project hat would require a $4,000,000 investment in equipment with a useful life of five years and no salvage value. Pigeon Company's discount rate is 19% The project would provide net operating income each year for five years as follows Sales Variable expenses Contribution margin Fixed expenses $ 3,900,000 1,800,000 2,100,000 Advertising, salaries, and other fxed out-of pocket costs Depreciation $750,000 800,000 Total fixed expenses Net operating income 1,550,000 $550,000 Click here to view Exhibit 8B-1 and Exhibit 8B-2, to determine the appropriate discount factor(s) using tables. Required 1. What is the project's net present value? (Round discount factor(s) to 3 decimal places.) t value