Polynesian Resorts Intl. (PRI) is considering purchasing beachfront bungalows on the island of Fiji. The project has a ten year life and has the after tax cash flows given below. PRI has a pretax cost of debt of 6.00%. CAPM data indicate the beta is 1.10, the expected return on the market is 12.00% and the risk free rate is 2.50%. PRI uses a 48% debt to capital ratio. What is the NPV of this project if PRI has a 30% tax rate?

Year	0	1 10
After tax Cash Flow	($1,150,000)	$235,000

a. $579,620

b. $374,888

c. $127,719

d. $336,099

e. $318,231