dont use excel formula

A proposed investment project has these parameters: $100,000 initial cost for equipment, straight-line depreciation over 5 years to a zero book value, $5,000 pre tax salvage value of equipment, 35% tax rate, $45,000 additional annual revenues, 515,00 annual cash expenses, $8,000 initial investment in working capital to be recouped at project end, and a cost of capital of 11 How much is the annual operating cash flow? a $25,000 b. $26,500 c. $30,000 d. $32,500