Bruno's Motor Shop is expanding and expects operating cash flows of $26,000 a year for 4 years as a result. This expansion requires $39,000 in new fixed assets. These assets will be worthless at the end of the project. In addition, the project requires $30,000 of net working capital which will be recouped when the project ends. What is the net present value of this expansion project at a required rate of return of 16 percent?

a.$20,321.43

b.$38,720.39

c.$22,920.24

d.$46,620.92

e.$46,480.47