A new project will cost $4,000,000 and will take $20,000 for installation and testing. It will replace an asset valued o the firm's books at $250,000. The old asset will be sold for $500,000. If the firm's tax rate is 35%, what is the net initial cash outlay (time zero cashflow) for the project? $4,954,000 $4,107,500 $3,985,500 $3,852,500 none of the above