Milliken Company paid $7.20 million to purchase stock in another company, $3.50 million to repurchase treasury shares, $6.75 million to buy short-term investments, sold used equipment for $1.05 million when its book value was $4.35 million, and purchased new equipment for $5.9 million. What was the net cash flow from investing activities?

a. $22.30 million net cash outflow.

b. $11.30 million net cash outflow.

c. $18.80 million net cash outflow.

d. $22.85 million net cash outflow.