The NPV for Epiphany's Project is closest to:

C
Explanation:  C)
Year   0   1   2   3
Sales (Revenues)      100,000   100,000   100,000
- Cost of Goods Sold (50% of Sales)      50,000   50,000   50,000
- Depreciation      30,000   30,000   30,000
= EBIT      20,000   20,000   20,000
- Taxes (35%)      7000   7000   7000
= unlevered net income      13,000   13,000   13,000
+ Depreciation      30,000   30,000   30,000
+ changes to working capital      -5000   -5000   10,000
- capital expenditures   -90,000         
= Free Cash Flow   -90,000   38,000   38,000   53,000
            
PV of FCF (FCF/(1 + I)n   -90,000   33,929   30,293   37,724
discount rate   0.12         
NPV = 11,946            
IRR = 19.14%