You are analyzing a project with a five-year life. The project requires an initial investment of $10 million, depreciable straight line over 5 years to a salvage value of zero. The expected after-tax operating income is expected to remain constant each year over time and the NPV is $5.97 million based on a cost of capital of 8%. If you want to continue this project in perpetuity, what NPV would you assess?

a) < $5.97 million b) $5.97 million c) $15 million d) $40 million e) None of the above