Coyne Corporation is evaluating a capital investment opportunity. This project would require an initial investment of $42,000 to purchase equipment. The equipment will have a residual value at the end of its life of $4,000. The useful life of the equipment is 6 years. The new project is expected to generate additional net cash inflows of $24,000 per year for each of the six years. Coyne's required rate of return is 12% The net present value of this project is closest to: (Click the icon to view the present value of $1 table.) (Click the icon to view the present value of annuity of $1 table.) OA. $58,692 OB. $56,664 OC. $79,398. OD. $17,784. 0000 O Data table present value of annuity of $1 table) Present Value of $1 Periods 10% 12% 14% 16% 3 0.751 0.712 0675 0.641 4 0.683 0.636 0.592 0.552 5 0.621 0.567 0.519 0.476 0.564 0.507 0.456 0.410 Print Done - X (Click the icon to view the present value of annuity of $1 table.) Data table 0000 Present Value of Annuity of $1 Periods 3 4 10% 12% 14% 16% 2.487 2.402 2.322 2.246 3.170 3.037 2.914 2.798 3.791 3.605 3.433 3.274 6 4.355 4.111 3.889 3.685 Print Done