HCB, Inc. is considering investing in a new "We're # 1" foam hand cutting facility. If UT wins the SEC Championship, the cash flows will be $110,000 per year for 5 years. If UT does not win, then the cash flows will be $20,000 per year for 5 years. The probability of UT winning the SEC championship is 20% and the probability of not winning is 80%. It will cost $150,000 to purchase the equipment. If HCB waits 1 year to invest, then they will know if UT has won the championship or not, and hence which cash flows will occur. The risk free rate is 6% and the cost of capital is 10%. Use a decision tree to find the NPV of the investment opportunity including the investment timing option

a.$47,514

b.$48,939

c.$50,840

d.$52,740

e.$54,166