(Net present valuecalculation)Carson Trucking is considering whether to expand its regional service center inMohab, UT. The expansion requires the expenditure of$9,500,000 on new service equipment and would generate annual net cash inflows from reduced costs of operations equal to$4,000,000 per year for each of the next7 years. In year7the firm will also get back a cash flow equal to the salvage value of theequipment, which is valued at$1.1 million. Thus, in year7 the investment cash inflow totals$5,100,000. Calculate theproject's NPV using a discount rate of8percent.

If the discount rate is8percent, then theproject's NPVis$? Round to the nearest dollar