A project consists of an investment of $100 million in capital for the con- struction of the manufacturing operations. Each year after the completion of the construction, the project will sell product worth $70 million. The costs of manufacturing this product are expected to by 60% of the value of the sales. The taxes are expected to be 30% of taxable income. No deductions, such as those for depreciation or capital allowance, are permitted for the determina- tion of the taxation charge. The working capital is 15% of the fixed capital. The working capital charge is incurred in the first year of operation and is recovered in the fifth year. Determine the free cash flow for the first five years of operation