ABC Corporation has hired you to evaluate a new FOUR year project for the firm. The project will require the purchase of a $837,700.00 work cell. Further, it will cost the firm $59,400.00 to get the work cell delivered and installed. The work cell will be straight-line depreciated to zero with a 20-year useful life. The project will require new employees to be trained at a cost of $73,500.00. The project will also use a piece of equipment the firm already owns. The equipment has been fully depreciated, but has a market value of $6,100.00. Finally, the firm will invest $10,500.00 in net working capital to ensure the project has sufficient resources to be successful.

The project will generate annual sales of $915,000.00 with expenses estimated at 40.00% of sales. Net working capital will be held constant throughout the project. The tax rate is 38.00%.

The work cell is estimated to have a market value of $453,000.00 at the end of the fourth year. The firm expects to reclaim 87.00% of the final NWC position.

The cost of capital is 13.00%.

What is the cash flow to start the project in year 0?