Canyon Company is considering an investment of $45,000. Data related to the investment are as follows:

Year	Cash Flow
1	$15,000
2	18,000
3	22,500
4	30,000
5	15,000

Cost of capital is 18%. What is the net present value of the investment, assuming no taxes are paid? (Round to the nearest dollar.)

a.

$10,500

b.

$55,500

c.

$61,366

d.

$16,367