Question 7 1 pts Palm Co. is considering a project with an initial cost of $3 million. The project will produce cash inflows of $1.5 million a year for five years. The firm has a weighted average cost of capital of 8%. Assume that the project has an average risk level as the whole firm. What is the net present value of the project? O $3.22 million $1.41 million $0.92 million $2.99 million