A firm has a project using equipment purchased with a loan. The analysis period is year 4 of the project. The BTCF (excluding loans) is $200,000 in t=0 dollars. Depreciation is $20,000. The loan has $25,000 in principal repayments and $12,000 in interest payments. Inflation is 4% per year. The marginal tax rate is 28%. What is the tax amount? $47,040$49,552$52,912$56,552