Silver Exploration Inc. is planning a 12-year project that will have an initial cost of $940,000. During the first 4 years, there will be cash inflows of $83,000. Years 5-10 will see cash inflows of $324,000. Years 11-12 will see cash outflows of $26,000. If the company's required rate of return is 10.8%, determine the NPV of the project.

a.

$249,335

b.

$647,769

c.

$217,317

d.

$101,133

e.

$129,717