The management of Ortega Manufacturing has three different proposals under consideration. The Accounting Department has prepared the following information: B Initial investment $3,101,000 $2,469,500 $2,060,000 Useful life of equipment 7 years 7 years 8 years Estimated salvage value $-0 $800,000 $100,000 Estimated annual net income $188,000 $281,500 $203,000 *Management's required rate of return is 10%. (iv). Which of the above proposals has the highest net present value? Select one: a. Proposal C. b. Cannot be determined with the given information. c. Proposal A. d. Proposal B