12. BC Travel Services is considering a new 10 year project that will generate additional sales revenue of $200,000 per year. The associated costs are $120,000 per year. The required rate of return for the project is 12%. The tax rate is 40%. What is the present value of the after-tax operating cash flows?

a. $250,374

b. $271,211

c. $417,289

d. $452,018