Please evaluate the equal annual annuity for the following repeated project. The initial investment for the project is $1 million and it will produce cash flows $0.5 million, $1.0 million, $0.8 million in year 1, 2 and 3. The discount rate is 5%.
a) 302,400.
b) 394,488
c) 368,924.
d) 583,333
e) 456,328