28. Whosville Transportation Inc. is considering a six-year project that requires $800,000 for the purchase of a capital asset with a salvage value of $40,000. The project is expected to generate sales revenue of $600,000 per year. The projects variable and fixed costs are estimated at $240,000 and $50,000 per year, respectively. The firms marginal tax rate is 35 percent and cost of capital is 12 percent. What is the present value of the after-tax operating cash flows?

a) $828,449

b) $962,069

c) $1,274,536

d) $1,480,107

e) $965,153

f) none of the above