Melon Corp. is analyzing a project that is expected to increase after-tax cash flows by $7.60 million per year for 5 years. They spent $1 million last year on consulting fees and need to spend $17.00 million in equipment today. What is the net present value of the project, if the required return is 9.80%? Ignore the impact of taxes and depreciation.

a. $12,957,785

b. $10,957,785

c. $8,147,550

d. $11,957,785

e. -$997,014