A 4-year project will have annual sales of $60,000 and annual operating expenses of $51,000 in Years 1 through 4. The project's fixed assets will cost $40,000 in Year 0 and will be depreciated using straight-line depreciation to a zero book value over the 4-year life of the project. The company has a marginal tax rate of 35%. Use the tax-shield approach to calculate the operating cash flow in Year 4 of the project.

$10,350

$5,850

$9,700

$9,350

$8,650