PepperMint Inc. is considering a project that will last three years. The incremental free cash flows (FCFs) for the project for year 1, year 2, and year 3 are $60 million, $60 million, and $60 million, respectively. The project also requires a capital expenditure of $40 million immediately (at year 0). The project has a similar risk level as most other projects for the company and the market beta for the project is estimated to be 0.6. Research done by the CFO also suggests that the risk-free rate is 2% and the expected return on the market index is 7%.

The NPV of this project is closest to:

	A.	$119.79 million
	B.	$129.72 million
	C.	$123.39 million
	D.	$117.46 million
	E.	$125.88 million