Your company is considering a machine which will cost $50,000 at Time 0 and which can be sold after 3 years for $10,000. $12,000 must be invested at Time 0 in inventories and receivables; these funds will be recovered when the operation is closed at the end of Year 3. The machine's shipping and installation costs will be $10,000 at Time 0. The facility will produce sales revenues of $50,000 per year for 3 years; variable operating costs (excluding depreciation) will be 19 percent of sales. No fixed costs will be incurred. Operating cash inflows will begin one year from today (at t - 1). The machine is classified as three-year property under MACRS. The company has a 35 percent tax rate, enough taxable income from other assets to enable it to get a tax refund on this project if the project's income is negative. The project's required rate of return is 15 percent. Inflation is zero. What is the project's NPV? [Please refer to Table 9.7 of the textbook for the proper MACRS depreciation rates.] Select one: a. $14,231.57 b. $4,989.67 c. $7,673.71 d. $11,009.25 e. $16,482.62