Alpha Industries is considering a project with an initial cost of $8.3 million. The project will produce cash inflows of $1.73 million per year for 7 years. The project has the same risk as the firm. The firm has a pretax cost of debt of 5.70 percent and a cost of equity of 11.33 percent. The debt-equity ratio is .63 and the tax rate is 25 percent. What is the net present value of the project?

a. $362,201

b. $524,150

c. $449,271

d. $471,735

e. $545,116