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( Net present value calculation ) Dowling Sportswear is considering building a new factory to produce aluminum baseball bats. This project would require an initial

(Net present value calculation)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 $1,200,000 per year for 9 years. Calculate the project's NPV using a discount rate of 7 percent.
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Part 1
If the discount rate is 7percent, then the project's NPV is $
enter your response here. (Round to the nearest dollar.)

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