An investment project costs 75,000 in time 0 and has the following payouts: C1 = 10000, C2 = 12,000, C3 = 14,000, and cash flow for time 4 in 16,000 which will increase in perpetuity at a 4% rate for time 5, time 6, etc. The required rate of return is 8%. Which of the following is the correct formula for calculating the NPV?

(a) NPV = 75,000 + 10,000 + 12000 + 14000 + 16000

(b) NPV = -75,000 + 10,000/(1.08) + 12000/(1.08)2 + 14000/(1.08)3 + 16000/(1.08)4

(c) NPV = -75,000 + 10,000/(1.08) + 12000/(1.08)2 + 14000/(1.08)3 + 16000/(1.08)4 + 16000/(.08 -.04)

(d) None of the above