An analyst is evaluating a $5-$year project with an initial cost of $$210,000,$ a required return of $16$ percent, and a probability of success of $62$ percent. If the project fails, it will generate an annual after$-$tax cash flow of $$$$48,500.$ If the project succeeds, the annual after$-$tax cash flow will be $$79,000.$ The analyst has further determined that if the project fails, it will be shut it down after the first year and the firm will lose all its original investment. If$,$ however, the project is a success, the firm can expand it with no additional investment and increase the aftertax cash flow to $$154,000$ per year for Years $25.$ At the end of Year $5,$ the project would be terminated and have no salvage value. What is the net present value of the project at Time $0?$

Multiple Choice

$$59,297\mathrm{.}19$

$$32,560\mathrm{.}35$

$$46,655\mathrm{.}42$

$$62,543\mathrm{.}35$

$$47,297\mathrm{.}19$