expects operating cash flows of $50,000 a year for nine years as a result. This expansion requires $36,500 in new fixed assets. These assets will be worthless at the end of the project. In addition, the project requires $2,200 of net working capital throughout the life of the project which will be recovered at the end of the project. What is the net present value of this expansion project at a required rate of return of 15.6 percent?

195,468.53

191,532.33

192,536.05

178,569.99

193,132.81