A company is considering an investment project in Canada. The project has an initial cost of CAD392,000 and is expected to produce cash inflows of CAD188,000 a year for three years. The project will be worthless after three years. The risk-free rate in the United States is 2.2 percent and the risk-free rate in Canada is 2.5 percent. The current spot rate is CAD1=$0.8045. The company's required return on dollar investments of this type is 12 percent. What is the net present value of this project in U.S. dollars using the foreign currency approach? $45,816 $45,901 $45,985 $46,070 $46,154