The projected net cash flows for an investment are

Year Year 0 Year 1 Year 2 Year 3 Year 4 Year 5

$(850,000) $130,000 $200,000 $300,000 $200,000 $150,000

The net present value of the investment, assuming a 10% cost of capital, is

TVM table

PV 1 2 3 4 5 6

10% 0.909091 0.826446 0.751315 0.683013 0.620921 0.564474

Select one:

a.

$111,394

b.

$49,500

c.

$(49,500)

d.

$($111,394)