Dan Schmidt plans to invest in a rental property worth $240,000. He plans to hold the property for 4 years and expects to sell it for $280,000 at the end of the fourth year. He estimates that the average monthly rental payment from renting the property will be $2,200. His target return is 8%. Calculate the net present value of the investment.

A) $293,653.97

B) $53,653.97

C) $54,254.75

D) $294,254.72

Please explain.