Gubanich Sportswear is considering building a new factory to produce aluminum baseball bats. This project would require an initial cash outlay of

$4,000,000 and would generate annual free cash inflows of $1,100,000 per year for 7 years. Calculate the project's NPV given:

a. A required rate of return of 8 percent

b. A required rate of return of 11 percent

c. A required rate of return of 14 percent

d. A required rate of return of 18 percent