Dowling Sportswear is considering building a new factory to produce aluminum baseball bats. This project would require an initial cash outlay of $5,5000,000 and would generate annual net cash inflows of $1,100,000 per year for 6 years. Calculate the project's NPV using a discount rate of 7 percent. If the discount rate is 7 percent, then the project's NPV is $ enter your response here. (Round to the nearest dollar.)