Alpine Company Is Analyzing Two Investment Projects $\mathrm { P }$

Alpine Company is analyzing two investment projects: $\mathrm { P }$ and $\mathrm { Q }$ . The following data are available:
$\begin{array}{l|r|r|}\hline & \text { Project P } & \text { Project Q } \\\hline \text { Investment in Computer Equipment now } & \$ 140,000 & \$ 0 \\\hline\end{array}$
$\begin{array}{|l|r|r|}\hline \text { Investment in Working Capital Now } & \$ 0 & \$ 90,000 \\\hline \text { Net Annual Operating Cash inflows } & \$ 20,000 & \$ 16,000 \\\hline \text { Life of Project } & 8 \text { years } & 8 \text { years } \\\hline\end{array}$ The computer equipment for Project P will have a total salvage value of $8,000 at end of eight years. It will belong to Class 10 with a 30% maximum CCA rate. At the end of eight years, the working capital for Project Q will be released for use elsewhere. The income tax rate is 30% and Alpine's after-tax cost of capital is 10%.
- What is the approximate present value of the after-tax net annual operating cash inflows for Project P? (Do not round your intermediate calculations.)

A) $32,010.
B) $53,074.
C) $74,689.
D) $106,699.