Bangladesh Jute Company is considering building a new factory to produce jute gunny sacks for the rice packaging market. This project would require an initial cash outlay of \($6\) million and would generate annual free cash inflows of \($1.5\) million per year over 8 years.

Calculate the project’s NPV given:

a. A required rate of return of 8 percent

b. A required rate of return of 10 percent

c. A required rate of return of 13 percent

d. A required rate of return of 16 percent