Great Sand Dunes Inc. is considering a project with an initial cost of $1 million. The project will not produce any cash flows for the first two years. Starting in year 3 , the project will produce cash inflows of $800,000 a year for five years. This project is risky, so the firm has assigned it a discount rate of 25 percent. What is the net present value? $406,141.27 $376,911.36 $231,185.79 $104,482.91