Assume that Paradise Peach Hotel, a hotel chain, is planning to open its hotel in a new location. It is assumed that the project will produce net cash inflows of $1,000,000 at the end of each of the next 5 years and its internal rate of return is 9%. Calculate the initial investment for the project. (The present value of annuity of 9% for 5 years is 3.88965.) a. $3,889,650 b. $5,929,400 c. $2,633,300 d. $7,779,300