A project that will cost $120,000 is estimated to generate cash flows of $50,000 per year (at the end of each year) for three years. The net present value of the project, assuming an 10% required rate of return, is _____.

A. less than $3,000

B. more than $3,000 but less than $4,000

C. more than $4,000 but less than $5,000

D. more than $5,000

E. none of the above