A project has an initial requirement of $263, 000 for fixed assets and $27, 000 for net working capital. The fixed assets will be depreciated to a zero book value over the four-year life of the project and have an estimated pre-tax salvage value of $78, 000. All of the net working capital will be recouped at the end of the project. The annual operating cash flow is $96, 200, the tax rate is 35 percent, and the discount rate is 13 percent. What is the value of cash flow at time zero for the project? A. $236, 000 B. $158, 000 C. $263, 000 D. $290, 000 E. $368, 000