4. Alps Resort Development Corporation (ARDC) is evaluating an investment that will provide the following returns cash flows at the end of the following years:Year 1: $ 1,200,000 ;Year 2: $ 650,000 ;Year 3: $ 0 ;Year 4: $ 800,000 ;Year 5: $ 450,000 ARDC believes they should earn an annual rate of return of 14% on its investments. What maximum price should ARDC pay for this investment?

a) $ 623,242.40

b) $ 2,260,165.59

c) $ 3,100,000

d) $ 2,576,588.78