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Cardinal Company is considering a five$-$year project that would

require a $$2,915,000$ investment in equipment with a useful life of five

years and no salvage value. The company's discount rate is $12\%.$ The

project would provide net operating income in each of five years as

follows:

$($Hint$.$ Use Microsoft Excel to calculate the discount factor$($s$).)$

Assume a post$-$audit showed that all estimates $($including total sales$)$ were exactly

correct except for the variable expense ratio, which actually turned out to be $50\%.$

What was the project's actual net present value? $($Negative amount should be

indicated by a minus sign. Round discount factor$($s$)$ to $3$ decimal places,

intermediate calculations and final answer to the nearest whole dollar amount.$)$answer this