A firm is financed with 20% debt and 80% equity. It is considering a project that will require an initial investment and is expected to generate an annual cash flow of 10,500. The company expects that this cash flow will then grow at a constant rate of 7% thereafter. Shareholders require a 12% return on their investment, debt holders require a 5% return and the corporate tax rate is zero. If the firm uses the NPV criteria in capital budgeting what is the maximum initial investment under which the firm will accept the project? 0 294,250 288,540 180,000 291,666