A project under consideration by the MELMEL Corp. would require a working capital investment of P200,000. The working capital would be liquidated at the end of the project's 10-year life. If MELMEL Corp. has an after-tax cost of capital of 12 percent and a marginal tax rate of 30 percent, what is the present value of the working capital cash flow expected to be received in year 10? a. P36,868 c. P53,970 b. P77,100 d. none of the above