What is the net present value (NPV) of a project whose cost is $ 45,000 and is expected to generate an after-tax cash flow of $ 14,000 in the first two years, $ 10,000 in the next two years, and $ 8,000 in the fifth year with a required rate of return of 8% ?.

a. $ 700

b. - $ 700

c. $ 45,700

d. - $ 45,700