Bobby Jones, the club pro at Pebble Beach Golf Club, is considering replacing his fleet of golf carts. He bought the existing fleet of 100 EZ-GO carts two years ago for $2,000 per cart. He is considering replacing them with a new model Club Car. Each Club Car has a GPS, a cooler, and a ball/club cleaner. Each Club Car costs $3,000. The old carts could be sold for $750 each. The carts are in Class 43 with a 30% depreciation rate. If Jones buys the new Club Cars, then he will keep them for three years and he expects to be able to sell them for $1,500 per cart. If Jones keeps the EZ-GO carts, then he expects that he could sell them for $250 per cart in three years. If Jones replaces the carts, then he expects incremental EBITDA of $54,000 per annum. One advantage of buying the new carts is that Bobby figures his spare-parts inventory will drop by $25,000. What is free cash flow in the terminal year (three years after replacement)? Assume that the tax rate is 35% and Jones cost of capital is 10%. (Round your answer to the nearest dollar.)

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