A 5-year project has the following projected cash flows: Capital expenditure at t=0 of $1,650,000 Initial net working capital investment of $195,000 at t=0, to be returned at t=5. Capital expenditure will be depreciated to $0 at the end of 5 years, but expected to have salvage value of $175,000 at that time. Incremental free cash flows, aka Net Operating Cash Flows, of $460,000 each year. If the firm's tax rate is 21%, and the firm's cost of capital is 11%/year, what is the NPV of this project?

A) $1,239 B) -$87,906 C) -$125,388 D) $52,880 E) -$173,489