A 4-year project has an annual operating cash flow of $54,500. At the beginning of the project, $4,550 in net working capital was required, which will be recovered at the end of the project. The firm also spent $23,000 on equipment to start the project. This equipment will have a book value of $4,900 at the end of the project, but can be sold for $5,850. The tax rate is 21 percent. What is the Year 4 cash flow? Show me your work.

A. $64,701

B. $65,223

C. $62,911

D. $20,409

E. $55,477