$($Net present value$$ calculation$)$Dowling Sportswear is considering building a new factory to produce aluminum baseball bats. This project would require an initial cash outlay of $$$$5$ comma $500$ comma $000$ and would generate annual net cash inflows of $$$$1$ comma $200$ comma $000$ per year for $7$ years. Calculate the$$ project's NPV using a discount rate of $8$ percent.