At stage 2 of the decision tree it shows that if a project is successful, the payoff will be $53,000 with a 2/3 chance of occurrence. There is also the 1/3 chance of a $-24,000 payoff. The cost of getting to stage 2 (1 year out) is $44,000. The cost of capital is 15%. What is the NPV of the project at stage 1? A. $-13,275 B. $-20,232 C. $2,087 D. $7,536 E. Cannot be calculated without the exact timing of future cash flows

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