Glaze Manufacturing Company (GMC) is considering an opportunity to invest in a new piece of equipment. The equipment costs $51,000 with $31,000 due on the date of purchase and the remaining $20,000 due at the end of year three. The equipment is expected to have a 6 year useful life. GMC's accountant has developed the following cash flow information regarding the equipment.

Purchase price of the equipment due up front	$	31,000
Remaining balance due at end of year 4	$	20,000
Additional working capital required immediately upon purchase		5,100
Salvage value		10,500
Incremental income per year		15,500
Working capital recovery at end of useful life	$	5,100

Assuming a required (desired) rate of return of 10%, the net present value of this investment opportunity is (Use the PV of $1 and PVA of $1 tables) (Round intermediate and final answer to the nearest whole dollar.)

a. 26553

b. 49760

c. 76313

d. 194477