An Australian project has an initial cost of AUS$1.8 million and is expected to produce cash inflows of AUS$710,000 a year for 3 years after which time it will be worthless. The expected inflation rate in Australia is 4 percent while it is only 3 percent in the U.S. The applicable interest rate in Australia is 7.5 percent. The current spot rate is AUS$1 = $.88. What is the net present value of this project in Australian dollars?

		AUS$63,264.39
		AUS$33,974.02
		AUS$30,751.18
		AUS$46,373.28
		AUS$29738.86