$($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 $7$percent$,$ then the$$ project's NPV is $$$

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enter your response here. $($Round to the nearest$$ dollar.$)$