5. Determine the NPV of an investment in a shoe recycling plant, knowing that the initial capital outlay is 100,000. No cash flows are expected during the first two years. Starting in year 3 and for a total of 15 years the expected annual income is 20,000, but annual costs are expected to be 3,000. Treasury bills pay an annual interest of 5%, and recycling companies are offering an annual return of 17%.

a. NPV between 60,000 and 75,000 euros.

b. NPV between -40,000 and -30,000 euros.

c. NPV between -15,000 and -2,500 euros.

d. None of the above