A 9-year project is expected to provide annual sales of $193,000 with costs of $94,000. The equipment necessary for the project will cost $325,000 and will be depreciated on a straight-line method over the life of the project. You feel that both sales and costs are accurate to +/-10 percent. The tax rate is 34 percent. What is the annual operating cash flow for the worst-case scenario?

$55,696

$46,398

$58,676

$36,180

$96,560