4. A firm is considering investing a project to reduce costs by $70,000 annually. The equipment costs $180,000, had a 4-year life (will be depreciated as a 3-year MACRS asset: 33% for the first year, 45% for the second year, and 15% for the third year), requires $12,500 initial net working capital, and has a before-tax salvage value of $30,000. The required rate of return is 10%. Tax rate is 21%. What is the FCF each year