Panhandle Corp. is considering three projects. Each project has an initial outlay of $90,000. Project A is expected to earn $48,000 in year two and $70,000 in year four. Project B is expected to earn $28,000 per year for four years. Project C is expected to earn $18,000 in year one, $24,000 in year two, $34,000 in year three and $38,000 in year four. The WACC is 8%. About what would Project C's last cash flow (year four) need to be for it to have the same NPV as Project B?

$38,785

$38,600

$38,575

$38,440