Required information [The following information applies to the questions displayed below.] Cardinal Company is considering a five-year project that would require a $2,500,000 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: Sales Variable expenses $ 2,853,000 1,200,000 1,653,000 Contribution margin Fixed expenses: Advertising, salaries, and other fixed out-of-pocket costs $ 790,000 Depreciation 500,000 Total fixed expenses 1,290,000 $ 363,000 Net operating income Click here to view Exhibit 14B-1 and Exhibit 148-2, to determine the appropriate discount factor(s) using table. 3. What is the present value of the project's annual net cash inflows? (Round your final answer to the nearest who amount.) Present value