(Related to Checkpoint 19.1) (Net present value calculation) Dowing 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 generato annual net cash inflows of $1,200,000 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 as (Round to the nearest dollar)