Bulging Stomach Restaurants, Inc., has estimated that a proposed project's 8-year net cash benefit will be $4,000 per year for years 1 through 8, with an additional terminal benefit of $8,000 at the end of the eighth year. If these cash inflows satisfy exactly Bulging's cost of capital (i.e., required rate of return) of 8 percent (i.e., if the projects IRR is 8%), the project's initial cash outflow is closest to which of the following?

a. $27,903

b. $25,149

c. $24,851

d. $31,218

e. None of the answers listed above is within $10 of the correct answer.