13. Martin Co. has 25,000 shares of common stock outstanding with a betaof 1.4, a market price of $32 a share, and a dividend yield of 5.8 percent.Dividends increase by 4.1 percent annually. The tax rate is 21 percentand all interest is tax deductible. The firm also has S450,000 of debtoutstanding that is selling at 102 percent of par that has a yield to maturityof 6.8 percent. The firm is considering a project that has the same risklevel as the firm's current operations, an initial cost of $308,000 and cashinflows of S52,500, $155,000, and $225,000 for Years 1 to 3,respectively. What is the NPV of the project?
(A) $12,515
(B)$18,495
(C)$14,511
(D)$10,157
(E) $20.718