Use the following table to help answer this question:

Present Value of an Annuity of 1

Periods 8% 9% 10%

1 .926 .917 .909

2 1.783 1.759 1.736

3 2.577 2.531 2.487

A company has a minimum required rate of return of 9% and is considering investing in a project that costs $130,000 and is expected to generate cash inflows of $52,000 at the end of each year for three years. The net present value of this project is

Select one:

a. $131,612

b. $26,000

c. $4,004

d. $1,612

e. None of the above