The sawyear corporation has $80.000 to invest and is considering two different projects, X and Y, the following data are available on the projects:

======================== PROJECT X | PROJEXT Y

Cost of equipment needed now. $80.000 | -

Working capital requirement. - |

Annual cash operating inflows $23.000 | $18.000

Salvage value in 5 years $6.000. | -

Both projects will have useful life of 5 years.

At the end of 5 years, the following capital will be released for use elsewhere. Sawyer's discount rate is 12%.

The Net present Value of project Y is closest to?

a) $15,110

b) $11,708

c) $30,250

d) (11,708)