(Net present valuecalculation)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 for7years. Calculate theproject's NPV using a discount rate of7 percent.

If the discount rate is7percent, then theproject's NPVis$?(Round to the nearestdollar.)