Assume that a project earns $12mln in each of the next two years (cash flows are received at the end of each year). Then in year three the cash inflows are 5% higher compared to the previous year, but then remain constant. The project has an infinite life. Further assume that the discount rate is 15%. What is the present value of these cash flows? Select one: a. 114.78 b. 103.51 c. 80.00 d. 83.02