ABC Corporation has hired you to evaluate a new FOUR year project for the firm. The project will require the purchase of a $786,300.00 work cell. Further, it will cost the firm $58,900.00 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 $51,800.00. 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 $5,200.00. Finally, the firm will invest $11,600.00 in net working capital to ensure the project has sufficient resources to be successful.

The project will generate annual sales of $908,000.00 with expenses estimated at 40.00% of sales. Net working capital will be held constant throughout the project. The tax rate is 39.00%.

The work cell is estimated to have a market value of $485,000.00 at the end of the fourth year. The firm expects to reclaim 84.00% of the final NWC position.

The cost of capital is 11.00%.

What is the yearly operating cash flow for the project?