A project consists of an investment of $150 million in capital for the construction of the manufacturing operations. Each year after the completion of the construction, the project will sell product worth $75 million. The costs of manufacturing this product are expected to be 55% of the value of the sales. The taxes are expected to be 35% of taxable income. No deductions, such as those for depreciation or capital allowance, are permitted for the determination of the taxation charge. The working capital is 15% of the fixed capital. Determine the free cash flow for the first five years of operation