A project needs an initial outlay of $3000 for equipment and will net a cash flow of $250 for the next 15 years. At the end of the 15th year, there is a Salvage Value of $1000 for the equipment. What is the NPV of the project if the cost of capital is 15% p.a. effective (to the nearest dollar)?

Select one:

a. -$945

b. -$1415

c. $2250

d. $1585