The additional dining space will occupy space next to Olafs that was recently rented to a tenant. By claiming the space for the project, the firm will no longer be able to rent the space at $1,000 per month. Kristoff wants to evaluate this project over a four year time period. The after-tax operating profit margin on the renting the space is 30%. If Kristoff wants a 6% APR on Olaf cash flows, what is the present value of this opportunity cost? (rent is paid as the beginning of the month)

Question 12 options:

	$12,146
	$12,838
	$13,223
	$15,263
	$15,595