This set of problems is designed to be calculated using the Excel or financial calculator. Do not use financial tables to calculate these problems.

Green Landscaping, Inc. is using net present value (NPV) when evaluating projects. Green Landscapings cost of capital is 5.23 percent. What is the NPV of a project if the initial costs are $2,285,305 and the project life is estimated as 11 years? The project will produce the same after-tax cash inflows of $583,084 per year at the end of the year.

Round the answer to two decimal places.