EK hotel plans to invest $3,000,000 for a restaurant extension project. Their goal is to make up the investment fund within 5 years.

EK Hotel forecasts the following cash flows from the restaurant extension project:

Year	Cash flow
1	$ 697,000
2	$ 631,000
3	$ 574,000
4	$ 898,000
5	$ 998,100

If the firm's discount rate is 9%/year, what is the present value of the project