19. A firm is planning to build a new factory. The purchase of the land, building the plant, and installation of equipment will take place over a 2-year period. The following are planned cash outflows:

Year	Cash Outflow
0	$3,500,000
1	$4,750,000
2	$6,100,000

The firm's cost of capital is 14%, and its marginal tax rate is 35%. What is the NINV measured in present value terms today?

	a.	$14,350,000
	b.	$12,356,650
	c.	$9,327,500
	d.	$8,035,788