$12-2$ PROJECT CASH FLOW Colsen Communications is trying to estimate the first$-$year cash flow $($at Year $1)$ for a proposed project. The financial staff has collected the following information on the project:

$\backslash$table$[[$Sales revenues,$$15$ million$],[$Operating costs $($excluding depreciation$),10\mathrm{.}5$ million$],[$Depreciation$,3$ million$],[$Interest expense,$3$ million$]]$

The company has a $40\%$ tax rate, and its WACC is $11\%.$

a$.$ What is the project's cash flow for the first year