(Calculating NPV) Carson Trucking is considering whether to expand its regional service center in Moab, Utah. The expansion will require the expenditure of $10,000,000 on new service equipment and will generate annual net cash inflows by reducing operating costs $2,500,000 per year for each of the next eight years. In Year 8, the firm will also get back a cash flow equal to the salvage value of the equipment, which is valued at $1 million. Thus, in Year 8 the investment cash inflow will total $3,500,000. Calculate the project’s NPV using each of the following discount rates:

a. 9 percent

b. 11 percent

c. 13 percent

d. 15 percent