Cowen Collins recently invested in a project that promised an internal rate of return of 15 percent. If the project has an expected annual cash inflow of $12,000 for six years, with no salvage value, how much did Cowen pay for the project?

Present value tables or a financial calculator are required.

Select one:

a. $72,000

b. $35,000

c. $31,708

d. $45,414