Goldsmith Labs recovers gold from printed circuit boards. It has developed new equipment for this purpose. You have the following data. (1) The equipment costs $250,000. (2) It costs $200,000 per year to operate. (3) It has an economic life of five years and is depreciated using the straight-line method. (4) It will recover 300 ounces of gold per year. (5) The current price of gold is $900 per ounce. (6) The tax rate is 30 percent. (7) The cost of capital is 8 percent. What is the NPV of installing this equipment?

a) $430,400

b) $195,911

c) $470,400

d) $520,510