Osler Company is considering an investment with the following data:

Initial cost	$200,000
Annual net cash inflows	$25,000
Expected life	10 years
Salvage value	none

Depreciation will be taken on a straight-line basis over the expected life of the investment.

The company requires a minimum rate of return of 4%. What is the net present value of the investment?

Period	1	2	3	4	5	6	7	8	9	10
4%	0.962	1.886	2.775	3.630	4.452	5.242	6.002	6.773	7.435	8.111

	a.	$2,775
	b.	$202,775
	c.	$118,170
	d.	($81,830)