Net present value calculation)Carson Trucking is considering whether to expand its regional service center in Mohab, UT. The expansion requires the expenditure of $11000000 on new service equipment and would generate annual net cash inflows from reduced costs of operations equal to $4000000 per year for each of the next 7 years. In year 7 the firm will also get back a cash flow equal to the salvage value of the equipment, which is valued at $1.1 million. Thus, in year 7 the investment cash inflow totals $5100000. Calculate the project's NPV using a discount rate of 8 percent.

Question

If the discount rate is 8 percent, then the project's NPV is $_______??????

(Round to the nearest dollar.)

Explain step by step please and thank you!