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A 4 - year project has an annual operating cash flow of $ 4 7 , 5 0 0 . At the beginning of the

A 4-year project has an annual operating cash flow of $47,500. At the beginning of the project, $3,850 in net working capital was required, which will be recovered at the end of the project. The firm also spent $21,600 on equipment to start the project. This equipment will have a book value of $4,340 at the end of the project, but can be sold for $5,430. The tax rate is 35 percent. What is the Year 4 cash flow?

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