I know that the correct answer is C, but I need the manual work (not using excel).

Rollerblade, a manufacturer of skating gear, plans to expand its operation in Brighton, England. The expansion will cost $18.5 million and is expected to generate annual net cash flows of 2.2 million pounds for a period of 15 years and nothing thereafter. The cost of capital for the project is 16%. Using the spot exchange rate of $1.60 per British pound, compute the net present value of the expansion project. a. $6.235 million b. $2.458 million c. $1.124 million d. -$10.83 million