22. Firm AAA has identified the following information for the first year of the roll-out of its new proposed service:

Projected sales: $20 million

Operating costs (not including depreciation): $9 million

Depreciation: $4 million

The company faces a 40% tax rate

What is the project's operating cash flow for the first year (t=1)? (7 points)

(hint: OCF= (Sales Revenue COGS Depreciation)*(1-T) + Depreciation = EBIT *(1-T) + Depreciation)

I will rate answer if:

1. All calculations steps are shown

2. Answers are given using Excel (preferably)

3. NO handwritten answers please!