Mainland Farms has a tax rate of 32%, a pre-tax cost of debt of 5%, and a cost of equity of 8%. The firm's debt to equity ratio is 0.70. What is the NPV of a project that has an initial investment of $40,000 and after-tax cash flows of $12,000 per year for 6 years? (Assume the risk of the project is the same as the firm's existing operations.) Select one: a. $17,616 O b. $20,908 c. $15,474 O d. $12,352 O e. $18,812