A firm is evaluating a new capital project. The firm spent $45,000 on a market study and $30,000 on consulting threemonths ago. If the firm approves the project, it will spend $600,000 onnew machinery, $50,000 oninstallation, and $20,000 onshipping. The machine will be depreciated via simplified straight-line depreciation over its 10 year life. The expected sales increase fromthis new project is $450,000 a year, and the expected incremental expenses are$180,000 a year. In order to start this new project, the company will invest $100,000 in working capital. The marginal tax rate is 34%. What is the annual net cash flow per year from this project?