A three-year project has an initial requirement of $900,000 for fixed assets and $300,000 for net working capital. The fixed assets will be depreciated to a zero book value over the 3-year life of the project. The estimated salvage value is $120,000. All of the net working capital will be recouped at the end of the 3 years. The annual operating cash flow is $700,000 and the discount rate is 10 percent. The tax rate is 28 percent. What is the cash flow in year 0? $700,000 $820,000 -$1,200,000 -$900,000