Dowling Sportswear is considering building a new factory to produce aluminum baseball bats. This project would require an initial cash outlay of ​$5 comma 500 comma 000 and would generate annual net cash inflows of ​$1 comma 100 comma 000 per year for 7 years. Calculate the​ project's NPV using a discount rate of 8 percent.
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Part 1
If the discount rate is 8 ​percent, then the​ project's NPV is ​$
  
enter your response here. ​(Round to the nearest​ dollar.)