A project is expected to provide cash flows of $12,750, $13,000, $16,100, and $10,600 over the next four years, respectively. At a required return of 8.9 percent, the project has a profitability index of .854. For this to be true, what is the projects cost at Time 0?

a. $36,443

b. $45,805

c. $30,977

d. $49,969

e. Insufficient Information