A company plans an investment of MXN 50 million in Mexico. The expected cash flows over the next four years are as follows, MXN 15m, MXN 16m, MXN 17m, and MXN 18m. The spot rate today is $0.45/MXN. The annual inflation rate is expected to be 12% in Mexico and 3% in the U.S. for the next four years. The minimum required rate of return for all projects to be accepted in the company is 16%. Find the NPV of the project in Mexican pesos and translate into U.S. dollars using the current exchange rate.

		$5,611,468.08
		$1,955,672.50
		$4,345,672.50
		$5,611,468.08