A telephone company is considering the purchase of a new central call management system. The new system will cost $ 2,100,000, 20% will be deducted annually. He estimates that the new system will be useful to him for 6 years. The new system will generate billing revenues of $ 920,000 per year and out-of-pocket operating costs of $ 400,000 per year. With the increase in sales, it will be necessary to invest in accounts receivable based on an annual rotation of 12 which will be recovered at the end of the project. At the end of the 6 years the equipment is estimated to have a sales value of $ 380,000. The company is subject to a tax rate of 40% and in case of losses these can be used to generate tax savings. Determine investment flows, annual operation and recovery.