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 $9$ 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 how much?