A firm is evaluating a project that will increase annual sales by $145,000 and annual cash costs by $94,000. The project will initially require $110,000 in fixed assets that will be depreciated straight-line to a zero book value over the four-year life of the project. The applicable tax rate is 32%. What is the operating cash flow for this project?

a. $46,480

b. $43,480

c. $11,220

d. $29,920

e. $46,620