split the perpetuity-

Dear John Sir,

Can you please help me with below question of P2. I am not able to get the logic of solving it.

A project requires an investment of $500,000 immediately. The investment will generate cash fl ow of $100,000 in year one and thenevery two years thereafter.
Using a cost of capital of 8%, what is the NPV of the project?

Options
$750,000
$100,962
$193,554
$149,038