The Aubergine Corporation is considering investing in a project that requires an initial outlay of $400,000 and has a profitability index of 1.5. It is expected to generate equal annual cash flows over the next 12 years. The required return for this project is 20%. The NPV of this project is:

Select one:

a. $200,000

b. $600,000

c. $80,000

d. $120,000