A company is considering an iron ore extraction project which requires an initial investment of $516,000 and will yield annual cash flows of $158,000for 4 years. Thecompany's hurdle rate is 9%. What is the NPV of the project?

Present value of annuity of$1.

	8%	9%	10%
1	0.926	0.917	0.909
2	1.783	1.759	1.736
3	2.577	2.531	2.487
4	3.312	3.24	3.17
5	3.993	3.89	3.791
6	4.623	4.486	4.355
7	5.206	5.033	4.868
8	5.747	5.535	5.335
9	6.247	5.995	5.759
10	6.71	6.418	6.145

A. positive $103,200

B. negative $103,200

C. positive $4,080

D. negative $4,080