Your firm is considering a new project. The project would last for 14 years. Your firm would have to purchase a new piece of equipment. The equipment costs $4,030,000. The equipment could be sold at the end of the project for $985,000. The project would generate revenues of $2,010,000 per year and it would have operating costs of $1,140,000 per year. The company would have to invest $424,000 in operating net working capital initially. Operating net working capital would remain at this level throughout the life of the project. The project's required rate of return is 10.5%. The tax rate is 29.5%. The CCA rate is 40%.

What is the present value of the operating cash flow in the list approach?

Your answer should be correct to two decimal places.