$($Related to Checkpoint$11\mathrm{.}1)($Net present value$$ calculation$)$Dowling Sportswear is considering building a new factory to produce aluminum baseball bats. This project would require an initial cash outlay of $$$$5,500,000$ and would generate annual net cash inflows of $$$$900,000$ per year for $9$ years. Calculate the$$ project's NPV using a discount rate of $7$ percent.