John wants to invest in stocks for the next two years.

Now he is January 2020. In January 2021 there is 40% chance that he gains 70$ and 60% chance that he gains 10$.

If he can get 70$ In January 2021, then there is 30% chance that he gains 45$ and 70% chance that he lose 5$ in January 2022.

If he can get 10$ In January 2021, then there is 30% chance that he gains 50$ and 70% chance that he gains 2$ in January 2022.

Assume return rate k is 0.1.

Calculate the Net Present Value he would get if he invests in stocks.

a. 49.5

b. 47.84

c. 42.34

d. 46.57