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In: AccountingCardinal Company is considering a five-year project that wouldrequire a $3,025,000 investment in equipment with...Cardinal Company is considering a five-year project that wouldrequire a $3,025,000 investment in equipment with a useful life offive years and no salvage value. The company's discount rate is16%. The project would provide net operating income in each of fiveyears as follows:Sales $2,737,000Variable expenses $1,001,000Contribution margin $1,736,000Fixed expenses:Advertising, salaries, and other fixed out-of-pocket costs$610,000Depreciation $605,000Total fixed expenses $1,215,000Net operating income $521,0003. What is the present value of the project's annual net cashinflows? (Round your final answer to the nearest whole dollaramount.)