A firm is considering a capital expenditure project that will involve purchasing new equipment costing $40000, with an additional 1000 charge for delivery. Installation of the equipment is expected to be 5,000. The equipment has an expected life of 10 years and an estimated salvage value of $15,000. The proposed project will require an additional working capital investment of 4,000. Revenues for the project are forecasted to be $20,000 per year and cash expenses are expected to be 5000. The firm has a 30% marginal tax rate and has a 15% weighted average cost of capital (WACC). Calculate the initial cash outlay for the proposed project.

a. 50,000

b. 35,000

c. 55,000

d. 57,500

e. none of the above