Company Z is analyzing a $5-$year project that has an initial cost for fixed assets of $$1\mathrm{.}6$ million. This cost will be depreciated on a straight$-$line basis to a zero book value over the life of the project. At the end of the project, the assets will be worthless. The projected annual sales are $$1\mathrm{.}1$ million and the total fixed and variable costs are $$\mathrm{.}96$ million. The tax rate is $38$ percent. What is the project's annual operating cash flow?

$$201,200$

$$140,000$

$$208,400$

$$78,800$