Foundational 11-5 Cardinal Company is considering a project that would require a $2,810,000 investment in equipment with a useful life of five years. At the end of five years, the project would terminate and the equipment would be sold for its salvage value of $500,000. The company's discount rate is 16%. The project would provide net operating income each year as follows: Sales $ 2,847,000 Variable expenses 1,121,000 Contribution margin 1,726,000 Fixed expenses-Advertising, salaries, and other fixed out-of-pocket costs $ 782,000 Depreciation 462,000 Total fixed expenses 1,244,000 Net operating income $ 482,000 Click here to view Exhibit 116-1 and Exhibit 116-2 to determine the appropriate discount factor(s) using tables. Required: What is the project's net present value? (Round discount factor(s) to 3 decimal places, intermediate and final answers to the nearest dollar amount.)