A project in South Korea requires an initial investment of 2 billion South Korean won. The project is expected to generate net cash flows to the subsidiary of 3 billion and 4 billion won in the two years of operation, respectively. The project has no salvage value. The current value of the won is 1,100 won per US dollar, and the value of the won is expected to remain constant over the next two years. What is the NPV of this project if the required rate of return is 13% and should the project be accepted?
a. $2,569,963; Yes
b. $1,756,892; No
c. $3,443,140; Yes
d. none of the above