A project has an initial requirement of $300,000 for fixed assets and $30,000 for net working capital. The fixed assets will be depreciated to a zero book value over the 3-year life of the project and have an estimated salvage value of $60,000. All of the net working capital will be recouped at the end of the project. The annual operating cash flow is $180,000 and the discount rate is 18 percent. What is the project's net present value if the tax rate is 21 percent?

a. $144,277.28

b. $160,374.24

c. $127,365.60

d. $108,477.16