A pine plantation returns nothing to its owner in the first 3 years. In the following 2 years, the returns are $100,000 (year 4) and $150,000 (year 5), respectively, and then the return is $200,000 per year in perpetuity from year 6 onwards. The returns can be invested at 8% per annum. What is the present value to the owner (the value in year 0)?

	a.	The present value to the owner is $2,189,389.32.
	b.	The present value to the owner is $2,027,212.33.
	c.	The present value to the owner is $2,364,540.47.
	d.	The present value to the owner is $1,877,048.46.