Mountain Gear Co. is considering a project with an initial cost of $2,872,000 which will be depreciated straight-line to a zero book value over the 10-year life of the project. At the end of the project the equipment will be sold for an estimated $300,000. The project will not directly produce any sales but will reduce operating costs by $714,000 a year. The tax rate is 21 percent. The project will require $52,000 of inventory which will be recouped when the project ends. What is the net present value at the required rate of return of 12 percent? Select one: O a. $696,891.32 O b. $702,414.14 O c. $652,108.10 O d. $159,243.47 O e. $170,475.57