Epiphany Industries is considering a new capital budgeting project that will last for three years. Epiphany plans on using a cost of capital of 12% to evaluate this project. Based on extensive research, it has prepared the following incremental cash flow projects:

Year	0	1	2	3
Sales (Revenues)		125,000	125,000	125,000
minus Cost of Goods Sold (50% of Sales)		62,500	62,500	62,500
minus Depreciation		25,000	25,000	25,000
= EBIT		37,500	37,500	37,500
minus Taxes (35%)		13,125	13,125	13,125
= unlevered net income		24,375	24,375	24,375
+ Depreciation		25,000	25,000	25,000
+ changes to working capital		5,000	5,000	10,000
minus capital expenditures	90,000

The net present value (NPV) for Epiphany's Project is closest to:

A. $13,629

B. $54,516

C. $81,774

D. $27,258