(Net present value calculation)Dowling Sportswear is considering building a new factory to produce aluminium cricket bats. This project would require an initial cash outlay of $ 5,000,000 and would generate annual net cash inflows of $ 1,000,000 per year for 8 years. Calculate the project's NPV using a discount rate of 9%.

If the discount rate is 9%, then the project's NPV is $ . (Round to the nearest dollar.)