Beta Inc. is implementing a cost-cutting proposal. The after-tax cost reduction is expected to equal $1.5 million for each of the three years of the project's life. The equipment has an initial cost of $3 million. The salvage value of the equipment is zero. The straight-line depreciation method is used for tax purposes and tax rate is 35%. Therefore the annual tax saving (i.e. tax shield) is 350,000 . Assuming discount rate is 20%, what is the NPV of the project? Select one: a. $7,532,407.41 b. $1,528,935.19 c. 1,223,966.47 d. $896,990.74 e. $611,200.00