(The following information and Exhibit 1 apply to questions 1 through 5.) Consider the investment opportunity below, which consists of a high-end clothing store inside a large and popular shopping mall. The project requires an upfront investment of $40 million and has the expected annual cash flows shown in Exhibit 1. The companys hurdle rate is 8%.

Exhibit 1 (In Millions of $)

Year	0	1	2	3	4	5
Panel A	-$40.0	$6.2	$10.0	$12.8	$16.6	$22.4
Panel B	-$40.0	$6.2	$10.0	$12.8	$16.6

Consider panel A of Exhibit 1, which shows the cash flows of the project as originally envisioned, based on a five-year lease of the location. What is this projects net present value (NPV)?

a) $14.1 million

b) $11.9 million

c) $21.3 million

d) $18.2 million

e) $26.8 million