Dowling Sportswear is considering building a new factory to produce aluminum baseball bats. This project would require an initial cash outlay of $5,000,000 and would generate annual net cash inflows of $1,000,000 per year for eight years. Calculate the project’s NPV for each of the following discount rates:

a. 9 percent

b. 11 percent

c. 13 percent

d. 15 percent