You are evaluating a capital budgeting project for your company that is expected to last for six years. The project begins with the purchase of a $1,200,000 investment in equipment. You are unsure what method of depreciation to use in your analysis, straight-line depreciation or the 5-year MACRS accelerated method. Straight-line depreciation results in the cost of the equipment depreciated evenly over its life. The 5-year MACRS depreciation rates are 20%, 32%, 19%, 12%, 11%, and 6%. Your company's WACC is 10.5% and it has a tax rate of 35%. For purposes of this question, we are ignoring the half-year convention for the straight-line depreciation method. What is the NPV of the project given by the better depreciation method, i.e., the method that gives the higher NPV?

a. $17,500.00

b. $18,182.88

c. $21,250.75

d. $20,473.06

e. $16,333.33