Fitzgerald Beauty is anticipating a new line of perfume, Ella, which will require an outlay of $1.85 million. The investment will result in additional cash flows of $601,950, $900,000, and 1,250,000 over the next 3 years. Determine the NPV of the investment if the company applies a discount rate of 20%:

a. −$1,850,000

b. effectively zero

c. $1,850,000

d. $3,700,000