The management of Avalon Farms is considering the purchase of equipment costing $240,000. The equipment has a useful life of eight years, with $15,000 residual value. The use of this equipment will produce positive annual cash flow of $50,000 for eight years. At the end of eight years, the equipment will be sold. Compute the net present value of this investment, discounted at an annual rate of 10%. Select one: a. $33,755. b. $273,755. c. $266,750. d. $26,750