The Johnson Drum Company Is Planning to Build a New

The Johnson Drum Company is planning to build a new factory. The purchase of the land, building the plant, and installation of equipment will take place over a two year period. The following are planned cash outflows:
Johnson Drum's cost of capital is 14%, and its marginal tax rate is 35%. What is the NINV measured in present value terms today?

A) $14,350,000
B) $12,356,650
C) $ 9,327,500
D) $ 8,035,788