Initial investment...............

$80,000

Annual after-tax cash inflow.............

?

Salvage value........................

$0

Net present value................

$13,600

Life of the project................

7 years

Discount rate........................

12%

Based on the data given above, the annual cash inflow from the project after the initial investment is closest to... (assume the after-tax cash flows are the same each year)

Select one:

a. $36,428

b. $22,766

c. $23,747

d. $20,509

e. $32,894