An investor gathered the following information about a venture capital project:

Initial Investment in project	$400,000
Estimated payoff if project is successful	$12 million
Time to payoff for project	8 years
Probability of projects survival until end of year 8	15%
Investors required rate of return	17%

The Net present value of the venture capital project is closest to:

a. $112,608

b. $172,608

c. $452,608