A 4-year project has an annual operating cash flow of $50,000. At the beginning of the project, $4,100 in net working capital was required, which will be recovered at the end of the project. The firm also spent $22,100 on equipment to start the project. This equipment will have a book value of $4,540 at the end of the project, but can be sold for $5,580. The tax rate is 34 percent. What is the Year 4 cash flow?

Multiple Choice

• $59,326
• $57,783
• $51,126
• $18,777
• $60,034