You Are Analyzing a Very Low-Risk Project with an Initial $\le$

You are analyzing a very low-risk project with an initial cost of $\le$ 120,000. The project is expected to return $\le$ 40,000 the first year, $\le$ 50,000 the second year and $\le$ 60,000 the third and final year. The current spot rate is $\le$ .54. The nominal return relevant to the project is 4 % in the U.K. and 3 % in Canada. Assume that uncovered interest rate parity exists. What is the net present value of this project in dollars?

A) $33,232
B) $34,040
C) $34,067
D) $34,422
E) $35,009