An investor is considering a project that will generate $825,000 per year for four years. In addition to upfrontcosts, at the completion of the project at the end of the fifth year there will beshut-down costs of $400,000. If the cost of capital is 4.1%, based on theMIRR, at what upfront costs does this project cease to beworthwhile?

A.

$2.39 million

B.

$2.93 million

C.

$3.19 million

D.

$2.66 million