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Better Mousetrap's research laboratories have developed a new trap. The project requires an initial investment in plant and equipment of $6 million. This investment will be depreciated straight-line over four years to a value of zero, but when the project comes to an end at the end of four years, the equipment will, in fact, be sold for $500,000. The firm believes that working capital at each date must be maintained at 10% of next year's forecasted sales starting immediately. In other words, the investment in working capital in Year 0 = 2.0 Million x 10% =$200,000. This means that the CF from the change in working capital will be different for each year. Also, remember that the working capital is assumed to be recouped at the end of the project (working capital Year4 =0). Production costs are estimated at 30% of revenues. There are no marketing expenses. Sales forecasts are given below. The firm pays tax at 25% and the required return on the project is 14%. What is the NPV?

Year 0 : sales =0 Million

Year 1: sales= 2.0 Million

Year 2: sales= 2.4 Million

Year 3: sales= 4.0 Million

Year 4: sales= 5.0 Million

a. -$34,102 b. -$12,408 c. $23,527 d. $47,245

e. $51,742