(Net present value calculation) Carson Trucking is considering whether to expand its regional service center in Mohab, UT The expansion requires the expenditure of $9,500,000 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 7 years. In year 7 the firm will also get back a cash flow equal to the salvage value of the equipment, which is valued at $0.8 million. Thus, in year 7 the investment cash inflow totals $4,300,000. Calculate the project's NPV using a discount rate of 8 percent If the discount rate is 8 percent, then the project's NPV is $ (Round to the nearest dollar.)