Narayan Ltd. is an all equity financed company. The current market price of the share is $180. It had just paid a dividend of $ 15 per share and expected future growth in dividends is 12%. Currently, it is the evaluating a proposal requiring funds of $ 20,00,000 with annual inflow of ? 10,00,000 for 3 years. Find out the NPV of the proposal if it is financed by issuing fresh equity (floatation costs 5%).
(A)$ 47,400
(B) $ 47,900
(C) $ 46,488
(D) $ 42,445