A new three-year CMO has two tranches. The 'A' tranche has a principal of $56.1 million with an annual coupon of 5.17%. The 'Z' tranche has a coupon of 7.13% with a principal of $63.5 million. The mortgages backing the security issue have a fixed rate of 8.09% with a maturity of three years. All payments are made and compounded annually at the end of the year. The issue will be over-collateralized with $9.5 million of equity. Priority payments made to the 'A' tranche will consist of A's promised coupon, all mortgage pool amortization, and any interest accrued to the 'Z' tranche. Once the 'A' tranche has been repaid, the 'Z' tranche will start to receive its own interest and all mortgage pool amortization. The equity class will only get residual cash flows. How much total cash flow will be received by the 'A' tranche in year 1 of the CMO? $45.98 million $47.16 million $48.34 million $49.52 million $50.70 million