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. $50,453

b. $43,627

c. $47,993

d. $53,393

e. $45,533