Buckeye Computer, Inc. produces high performance image generators for simulation (including PC-based visual system products) and visual workstations for high-end graphics applications. Its financial statements are shown in Exhibit 1.

You forecast that Buckeye's revenue will grow each year by 15%. Estimate the free cash flows each year for the next five years 2006-2010. Use the following information to make your projections:

Use the forecasting ratios provided in Exhibit 2 to project all other items (i.e. apart from sales). Note that all ratios are measured directly relative to sales1 (e.g. Inventory/Sales).

**Exhibits 1 and 2 attached**

Assume a tax rate