11) Epiphany Industries is considering a new capital budgeting project that will last for three years. Epiphany plans on using a cost of capital of 12% to evaluate this project. Based on extensive research, it has prepared the following incremental cash flow projects: 11) 0 Year Sales (Revenues) Cost of Goods Sold (50% of Sales) Depreciation - EBIT Taxes (35%) unlevered net income Depreciation +-) increase/(decrease) in working capital capital expenditures 150,000 75,000 25,000 50,000 17,500 32,500 25,000 2 150,000 75,000 25,000 50,000 17,500 32,500 25,000 3 150,000 75,000 25,000 50,000 17,500 32,500 25,000 5,000 5,000 -10,000 90,000 The net present value (NPV) for Epiphany's Project is closest to A) $23,387 B) $93,546 C) $140,319 D) $46.773