Trucking is considering whether to expand its service. The expansion requires the expenditure of $10,500,000 on new service equipment and would generate annual net cash inflows from reduced costs of operations equal to $3,500,000 per year for each of the next 9 years. In year 9 the firm will also get back a cash flow equal to the salvage value of the equipment, which is valued at $0.9 million. Thus, in year 9 the investment cash inflow totals $4,400,000. Calculate the project's NPV using a discount rate of 7 percent.

If the discount rate is 7 percent, then the project's NPV is