Find the net present value (NPV) of the following cash flows when the discount rate is 7% pa:

$90,000 immediately (t=0);

$70,000 in 1.5 years (t=1.5); and

$60,000 in 2.5 years (t=2.5).

The net present value of these payments is:

Select one:

a. $198,768.25 b. $203,907.55 c. $220,000 d. $236,188.44 e. $238,534.79