A firm is considering a project with an initial cost $6,200,000. The project will produce cash inflows $1,800,000 a year for 5 years. The firm uses the subjective approach to assign discount rates to projects. For this project, the subjective adjustment is +2%. The firm has a pre-tax cost of debt of 6.7% and a cost of equity of 9.4%. The debt-equity ratio is 0.6 and the tax rate is 35%. What is the net present value of the project?

	a.	$710,053
	b.	$742,067
	c.	$733,333
	d.	$790,909
	e.	$811,006