K-Roo Ltd. is looking to establish a subsidiary in New Zealand. The estimated NZD cash flows for the subsidiary for the next three years (after which the subsidiary will be disestablished) are: Yro Yr1 Yr2 Yr3 -2.6 93.9 88.675.6 The required rate of return for the investment is 11.4% and the tax rate is 30%. The New Zealand government offers a tax holiday for the first year, during which cash flows are not taxed. What is the value of that tax holiday? Note: the initial outlay in year O is the initial investment amount and is not considered an expense. a. -25.2873 b. 25.2873 c. -63.1110 d. 169.9462 e. 144.6589