A new four-year project requires an initial fixed asset investment of $2,000,000. The fixed assets will be depreciated straight-line to zero over its four-year tax life, after which it will be worthless. The project is estimated to generate $3,000,000 in annual sales, with annual fixed costs of $400,000 and annual variable costs of $800,000. The tax rate is 25%. What is the annual operating cash flow of the project? $1,475,000 $1,025,000 $1,250,000 $2,075,000