(Net present value calculationDowling 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 for9 years. Calculate the project's NPV using a discount rate of 8 percent. Question content area bottom Part 1 If the discount rate is 8 percent, then the project's NPV is $ enter your response here. (Round to the nearest dollar.)