Dowling Sportswear is considering building a new factory to produce aluminum baseball bats. This project would require an initial cash outlay of $5,500,000 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 5 percent.

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Part 1

If the discount rate is 5 percent, then the project's NPV is $(x). (Round to the nearest dollar.)