Ashley runs a small business in Boulder, Colorado, that makes snow skis. She expects the business to grow substantially over the next three years. Because she is concerned about product liability and is planning to take the company public in 2016, she is currently considering incorporating the business. Financial data are as follows: Sales revenue $150,000 Tax-free interest income 5,000 Deductible cash expenses 30,000 Tax depreciation 25,000 Ashley expects her combined Federal and state marginal income tax rate to be 35% over the next three years before any profits from the business are considered. Her after-tax cost of capital is 10%, and the related present value factor is 0.8929 Compute the present value of the future cash flows for 2015 assuming Ashley incorporates the business and pays all after tax income as dividends (15% rate)