(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 $4,000,000 and would generate annual net cash inflows of $900,000 per year for 7 years. Calculate the NPV of the project using a discount rate of 5 percent. (Round to the nearest dollar.)

to. If the discount rate is 5 percent, then the NPV of the project is:

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