GTZ has 8 per cent redeemable bonds in issue. The current market value of the bonds is US$93 per US$100 nominal value. The bonds are redeemable at par value in four years' time. Corporate tax is payable at 21 per cent. The NPV of the cashflows from the investors point of view when discounted at 15 per cent is: Solution A.US$11.71 positive. B.US$17.67 positive. C.US$17.76 negative. D.US$12.96 negative