A 4-year project has an annual operating cash flow of $52,000. At the beginning of the project, $4,300 in net working capital was required, which will be recovered at the end of the project. The firm also spent $22,500 on equipment to start the project. This equipment will have a book value of $4,700 at the end of the project, but can be sold for $5,700. The tax rate is 21 percent. What is the Year 4 cash flow? $60,005 $61,790 $20,073 $53,050 $62,350