Pixel Chips Ltd is evaluating a proposal to venture into GPU chip development. The estimated initial investment is $29$ Mn$ including $9$ Mn$ of one$-$time development expenses which needs to be expensed in the same year as per the accounting norms and $20$ Mn $ of CAPEX which is to be depreciated over $4$ years using the straight$-$line method. The asset will be scraped at the end of year $4.$ The project has a potential to earn $40$ Mn$ earnings before interest expenses, depreciation, and taxes for the years $1,2,3$ and $4$ and nothing afterwards. Pixel attracts $20\%$ tax rate on its profits. If company incurs accounting loss in any year before taxes, then the same loss can be carried forward for up to one year and set$-$off $($adjusted$)$ against the income of the next year before computing the tax liability. The appropriate cost of funding for this project is $15\%.$

The NPV of the project is

Group of answer choices

a$.66\mathrm{.}77$ Mn$

b$.67\mathrm{.}01$ Mn$

c$.62\mathrm{.}35$M$