3. An investment (equipment) costs $110,000 cash in its first year of operation and it is expected to have a residual value of $18,000 cash at the end of its four-year useful life. The equipment produces a product that is expected to generate annual sales of 3,000 units at a sales price of $52 per unit. The product's manufacturing cost per unit is $42.00 including $8.40 per unit for fixed factory depreciation. Calculate this investment's net annual cash flow for its fourth (final) year of operation.