Pinder Ltd wants to enter the electric car business. To enter the business, Pinder Ltd will need to make an initial investment of $100 million into purchases of production facilities and equipment. The production facilities and equipment are expected to have a ten-year life and will be depreciated on a straight-line basis over that period, so that the book value of the production facilities and equipment equals zero at the end of year ten. Pinder Ltd plans to operate the business only for six years, after which Pinder Ltd plans to sell its production facilities and equipment for $55 million. For the six years that Pinder Ltd expects to operate in the electric car business, Pinder Ltd expects to generate cash revenues of $130 million in the first year, which Pinder Ltd expects to grow at a rate of 6% each year after the first year. The cash operating costs of running the electric car business, excluding depreciation expenses, are expected to be 25% of revenues. Pinder Ltd expects an increase in the net working capital of $20 million in year zero and a decrease in the net working capital of $20 million in year six when the business is sold. The corporate income tax rate is 40% and the discount rate is 10%. What is the NPV of the investment, based on the information above? (Round to the nearest two digits)

Group of answer choices

$213.64 million

None of the other answers are correct.

$224.26 million

$218.23 million

$227.82 million