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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 $16\%.$ The project would provide net operating

income in each of five years as follows:

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

$2-$a$.$ What are the project's annual net cash inflows?

Annual net cash inflow

$2-$b$.$ What is the present value of the project's annual net cash inflows? $($Round discount factor to $5$ decimal places$)$