Project ABC is under consideration. Annual cash flows equal $50,000 per year for 5 years. During the first three years the required rate of return is 2 percent. The required rate of return for cash flows in the final two years is 10 percent. What is the present value of cash inflows?

A) $250,000 B) $247,730 C) $235,650 D) $209,391 E) $203,642