23. A company is evaluating a project that would require an initial investment of $15,000 and would generate unlevered cash flows of $8,000, $10,000, and $12,000 in each of the next three years. This expenditure would be partially financed using $5,000 of debt with an interest rate of 6%. All principal would be repaid in a single balloon payment at the end of the third year. The firms target debt-equity ratio is 0.5, its unlevered cost of equity is 11%, and its tax rate is 24%. What is the NPV of the project according to the FTE method?

a. $14,256.26 b. $4,256.26 c. $9,256.26 d. $9,884.60 e. $12,730.73