$($Related to Checkpoint $11\mathrm{.}1)($Net present value calculation$)$ Dowling Sportswear is considering building a new factory to produce aluminum baseball bats. This project would require an initial cash outlay of $$5,500,000$ and would generate annual net cash inflows of $$900,000$ per year for $7$ years. Calculate the project's NPV using a discount rate of $8$ percent.

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

$($Round to the nearest dollar.$)$