at the end of the first year, Chemtec is expecting sales of\$250

$250million and costs of\$125

$125million. There are no more required investments in either net working capital or plant and equipment. However, the existing plant and equipment will experience\$50

$50million of depreciation.

Assume that Chemtec's marginal tax rate on earnings is35\%

35%.

Assuming that all of these cash flow occur at the end of the first year, what is the first year's free cash flow?