15. You are evaluating a short term transaction from an equity holder's perspective. (all #'s in thousands and represent Levered FCF #'s) Initial equity investment would be $650. Free cash flows to equity for years 1 through 3 from the business would be $150, $300 and $750, respectively, with year 3 including the net effect of a Terminal Value assumption (i.e., sale price, net of outstanding debt). Using an equity required rate of return of 16%, calculate the NPV of this investment. a. $833 b. $183 c. $234 d. $386