CC Corporation has provided the following information concerning a capital budgeting project After-tax discount rate Tax rate 14 30% 4 Expected life of the project Investment required in equipment Salvage value of equipment Annual sales Annual cash operating expenses Working capital requirement One-time renovation expense in year 3 $ 268,000 $ 0 $ 37,000 $ 700,000 $ 522,000 $ 70,500 The company uses straight-line depreciation on all equipment. Assume cash flows occur at the end of the year except for the initial investments. The company takes income taxes into account in its capital budgeting. The working capital amount required at the beginning of the project will be released back to the company at the end of the project