A 4-year project has an annual operating cash flow of $56,000. At the beginning of the project, $4,700 in net working capital was required, which will be recovered at the end of the project. The firm also spent $23,300 on equipment to start the project. This equipment will have a book value of $5,020 at the end of the project, but can be sold for $5,940. The tax rate is 34 percent. What is the Year 4 cash flow?

$20,953

$66,327

$64,620

$56,927

$66,953

A company. has a project available with the following cash flows:

Year	Cash Flow
0	$36,710
1	12,480
2	14,740
3	19,450
4	10,820

If the required return for the project is 7.6 percent, what is the project's NPV?

$10,362.58

$12,919.58

$3,232.69

$11,304.63

$20,780.00