You are working on a bid for a contract. Thus far, you have determined that you will need $156,000 for fixed assets and another $32,000 for networking capital at Time 0. You have also determined that you can recover $68,400 after tax for the combined fixed assets and net working capital at the end of the 4-year project. What operating cash flow will be required each year for the project to return 16 percent in nominal terms?

a. $46,666.67

b. $48,929.74

c. $55,200,16

d. $53,686.06

e. $50,725.50