4. Given the following project information, calculate the after-tax operating cash flow (ATOCF) using the four approaches of calculating operating cash flow. (8 marks)

Project cost = $950,000

Project life = five years

Projected number of units sold per year = 10,000

Projected price per unit = $200

Projected variable cost per unit = 150

Fixed costs per year = $150,000

Required rate of return = 15%

Marginal tax rate = 35%

Depreciation = Straight-line to zero over five years (ignore half-year rule)