Lakefront Company is considering investing in a new dock that will cost $560,000, the company expects to use the dock for 5 years, after which it will be sold for $300,000. Lakefront anticipates annual cash flows of $110,000 resulting from the new dock. The company's borrowing rate is 8%, while its cost of capital is 10%. Calculate the net present value of the dock and indicate whether Lakefront should make the investment.
a. $186,276
b. $43,263
c. $416,987
d. $603,263

The answer is c

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