The following table represents the cash flows (in rand) of a company.

Year Cash flows

3 40 000

5 -70 000

7 -80 000

9 10 000

11 100 000

Money can be borrowed at 14,25% per year and investments can earn 8,27% per year. The present value of the cash outflows is

a. R122 557,45.

b. R132 898,63.

c. R67 444,26.

d. R92 920,21.