12. Washington and Adams Communications is trying to estimate the first-year cash flow (at Year 1) for a proposed project. The assets required for the project were fully depreciated at the time of purchase. The financial staff has collected the following information on the project: Sales revenues $20 million Operating costs 18 million Interest expense 2 million The company has a 25% tax rate, and its WACC is 10%. What is the project's operating cash flow for the first year (t = 1)? Round your answer to the nearest dollar-do not include a $ sign in the response.