(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 6 years.

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 ?