$($Net present value calculation$)$ Carson Trucking is considering whether to expand its regional service center in Mohab, UT$.$ The expansion requires the expenditure of

$$9,500,000$ on new service equipment and would generate annual net cash inflows from reduced costs of operations equal to $$3,000,000$ per year for each of the next $9$ years. In

year $9$ the firm will also get back a cash flow equal to the salvage value of the equipment, which is valued at $$1$ million. Thus, in year $9$ the investment cash inflow totals $$4,000,000.$

Calculate the project's NPV using a discount rate of $8$ percent.

If the discount rate is $8$ percent, then the project's NPV is $$.($Round to the nearest dollar.$)$