Gloria B. is analyzing a project and has determined that the initial cost will be $1,380,000 and the required rate of return needs to be 12 percent. The project has a 60 percent chance of success and a 40 percent chance of failure. If the project fails, it will generate an annual after-tax cash flow of $250,000. If the project succeeds, the annual after-tax cash flow will be $560,000. She has further determined that if the project fails, she will shut it down after the first year and sell the equipment for the after-tax salvage value of $570,000. If however, the project is a success, she can expand it with no additional investment and increase the after-tax cash flow to $610,000 a year for Years 2-5. At the end of Year 5, the project would be terminated and have no salvage value. What is the expected net present value of this project at Time 0? $212,097.34 $196,115.02 $237,413.18 $205,419.52 $184,297.66