What is the NPV for the following project if its cost of capital is 12

percent and its initial after tax cost is $5,000,000 and it is expected

to provide after-tax operating cash inflows of $1,800,000 in year 1,

$1,900,000 in year 2, $1,700,000 in year 3 and $1,300,000 in year

4?

(a) ($1,494,336)

(b) $158,001

(c)$1,494,336

(d) None of the above