Ascot Ltd expects to sell equipment at the end of its useful life for R12 000. The equipment is expected to have a carrying/book value of RO. The removal and clean-up costs are estimated at R4 000. Net working capital worth R400 000 will be recovered. The company is subject to a 30% tax rate. How much is the terminal cash flow? O a. R405 600 O b. R408 000 O cR404 400 O d. R408 400