9-11 Calculating Project Cash Flow from Assets [LO 2] Esfandairi Enterprises is considering a new three-year expansion project that requires an initial fixed asset investment of $2,480,000. The fixed asset will be depreciated straight-line to zero over its three-year tax life. The project is estimated to generate $3,470,000 in annual sales, with costs of $2,450,000. The project requires an initial investment in net working capital of $158,000, and the fixed asset will have a market value of $193,000 at the end of the project. Assume that the tax rate is 25 percent and the required return on the project is 9 percent. What are the net cash flows of the project each year? Note: A negative