Sibelius Inc. is expanding and expects operating cash flows of $49,500 a year for nine years as a result. This expansion requires $36,500 in new fixed assets. These assets will be worthless at the end of the project. In addition, the project requires $2,200 of net working capital initially (year 0). What is the net present value of this expansion project at a required rate of return of 13.6 percent?

$210,447.75

$209,749.49

$193,132.81