Please show all work and do not use excel since that is not the way I need to learn the material.

A project has an initial cost of $50,000. The incremental inflows associated with the project are $20,000 in year one, $15,000 in years two and three, and $10,000 in year four. The appropriate discount rate for this project is 11%.

1. What is the projects NPV?

a. -$2,252

b. $2,252

c. $10,000

d. $52,252