Bruno's Lunch Counter is expanding and expects operating cash flows of $32,400 a year for 5 years as a result. This expansion requires $72,600 in new fixed assets. These assets will be worthless at the end of the project. In addition, the project requires an increase of $5,400 of net working capital which will be recovered at the end of the project. What is the net present value of this expansion project at a required rate of return of 14 percent?

a. $53,393

b. $50,453

c. $45,533

d. $47,993

e. $43,627