You're considering starting a software company with an initial $($t$=0)$ cost of $$536.$

The first positive cash flow will be $$40$ in one year $($t$=1),$ and will grow by $5\%$ pa for $3$ years. So the next cash flows will be:

$$40$ at t$=1$;

$$42(=40*(1+0\mathrm{.}05)^1)$ at t$=2$;

$$44\mathrm{.}1(=40*(1+0\mathrm{.}05)^2)$ at t$=3.$

From t$=3$ onwards, these positive cash flows will grow at the lower rate $0\%$ pa in perpetuity. So the subsequent cash fows will be:

$$44\mathrm{.}1(=40*(1+0\mathrm{.}05)^2*(1+0)^1)$ at t$=4$;

$$44\mathrm{.}1(=40*(1+0\mathrm{.}05)^2*(1+0)^2)$ at t$=5$;

$$44\mathrm{.}1(=40*(1+0\mathrm{.}05)^2*(1+0)^3)$ at t$=6,$ and so on forever.

The required return is $11\%$ pa$.$ What is the net present value $($NPV$)$ of starting this company? All results above and below are rounded to $4$ decimal points. The NPV of starting this company is:

Select one:

a$.$

$-$$$12\mathrm{.}6757$

b$.$

$-$$$91\mathrm{.}9741$

c$.$

$-$$$124\mathrm{.}2197$

d$.$

$-$$$140\mathrm{.}489$

e$.$

$-$$$194\mathrm{.}3438$