3. Revenue in year 1 is 80,000 and grows at an annual rate of 10%. Cost of goods sold is 68% of revenue, operating expenses 22% of revenue, and advertising expenses are 8,000 and 5,000 in years 1 and 2, respectively. The applicable tax rate is 20%. Calculate the operating cash flows for years 1 and 2. 4. The additional revenue from a project is estimated to be 60,000 the first year and 66,000 the second. Cost of goods sold is 65% of revenue; account receivable is 12% of revenue, inventory 16% of COGS, and accounts payable is 6% of COGS. a. Calculate the investment in net working capital for years 1, 2 and 3. b. For the first year calculate i. Cash receipts from revenue ii. Cash paid to suppliers ii. Cash gross profit