You are the investor of a new start-up project with an annual pre-tax income of $13057 that grows at the rate of inflation 5% for each of the next 5 years. If your discount rate is 10.2% what is your real present value, if the tax rate is 22%?

a.

$ 39516

b.

$ 30818

c.

$ 44151

d.

$ 21590

e.

$ 58721