You are considering a project with projected annual cash flows of 0 in year 1 and $32,200, $41,800, and $22,900 for the next three years (years 2, 3, and 4), respectively. What is the present value of these cash flows at a discount rate of 14 percent? Group of answer choices

$112,399.12

$75,866.20

$77,103.18

$81,292.25

$66,549.30