Allen College has a telephone system that is in poor condition. The system can be either overhauled or replaced with a new system. The following data have been gathered concerning these two alternatives: Present Proposed System New SystemPurchase cost when new $100,000 $150,000Accumulated depreciation $90,000 -Overhaul cost needed now $80,000 -Annual cash operating costs $30,000 $20,000Salvage value now $10,000 -Salvage value in 8 years $2,000 $15,000Working capital required - $50,000Allen College uses a 12% discount rate and the total cost approach to net present value analysis. Both alternatives are expected to have a useful life of eight years. The net present value of the alternative of overhauling the present system is closest to:a. ($232,272)b. ($108,000)c. ($238,232)d. ($228,232)