Monroe Industries is considering an expansion. The necessary equipment would be purchased for $11 million and will be fully depreciated at the time of purchase. The expansion would also require an additional $1.5 million investment in working capital. The tax rate is 30 percent. Last year, the company spent and expensed $400,000 on research related to the project. The company plans to house the project in an unused building it owns. If the building were sold, it would net $1.2 million after taxes and real estate commissions. What is the initial investment outlay for this project after bonus depreciation is considered?

	a.	$14.1 million
	b.	$9.2 million
	c.	$12.9 million
	d.	$13.7 million
	e.	$10.4 million