The demand for Wooduction's products in Melbourne has increased in recent years. So Wooduction plans to open a new branch in Melbourne CBD. Due to technical reasons, Wooduction must open the new branch either now or in exactly one year. If Wooduction opens the branch now, it will cost Wooduction $1.4 million immediately to open the new branch. Wooduction expects to receive an annual cash flow of $430000 in perpetuity. The manager has the option to close the branch at the end of the first year and sell the branch for $5.0319 million. If Wooduction opens the branch in one year, the probability of market demand being high and low is 50% and 50%, respectively. If the market demand is high, Wooduction will spend $5.9 million to open the new branch, and expect to receive an annual cash flow of $820000 in perpetuity. If the market demand is low, Wooduction will spend $2.95 million to open the new branch, and expect to receive an annual cash flow of $492000 perpetuity. The cost of capital for this project is assumed to be 9.4%. The NPV of this project for Wooduction is closest to: a. $2.32 million O b. $3.59 million O c. $2.55 million O d. $2.89 million