Gracen Inc is evaluating a new expansion opportunity. The project requires an upfront investment of $20 million. Gracen will also increase inventory by $2 million in year one. In year two, as Gracen increases credit sales, accounts receivable are expected to increase by $5 million. In year five, when the project is complete, all accounts receivable will be collected, decreasing receivables by $5 million. Gracen will also decrease its inventory by $2 million. If the project produces operating cash flows of $5.0 million per year and Gracen's cost of capital is 5.2%, what is the NPV of the project? $20.54mil $2.51mil $0.54mil $1.82mil