Consider a project of the Cornell Haul Moving Company, the timing and size of the incremental after-tax cash flows (for an all-equity firm) are shown below in millions:

The firm's tax rate is 34 percent; the firm's bonds trade with a yield to maturity of 8 percent; the current and target debt-equity ratio is 3; if the firm were financed entirely with equity, the required return would be 10 percent. Using the APV method, what is the value of this project to an all-equity firm?

Multiple Choice:

A. $46,502,288.10

B. $12,494,643.75

C. $36,580,767.55

D. $67,163,445.12

$990 +$125 +$225 +$375 +$500