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A 4 - year project has an annual operating cash flow of $ 4 8 , 5 0 0 . At the beginning of the

A 4-year project has an annual operating cash flow of $48,500. At the beginning of the project, $3,950 in net working capital was required, which will be recovered at the end of the project. The firm also spent $21,800 on equipment to start the project. This equipment will have a book value of $4,420 at the end of the project, but can be sold for $5,490. The tax rate is 24 percent. What is the Year 4 cash flow?
a)58,197
b)56,622
c)57,683
d)12,895
e)49,783

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