Epiphany Industries is considering a new capital budgeting project that will last for three years. Epiphany plans on using a cost of capital of 12% to evaluate this project. Based on extensive research, it has prepared the following incremental cash flow projects: Year 0 1 2 | 3 Sales (Revenues) 200,000 200,000 200,000 Cost of Goods Sold (50% of Sales) 100,000 100,000 100,000 |- Depreciation 25,000 25,000 25,000 - EBIT 75,000 75,000 75,000 - Taxes (20%) 15,000 15,000 15,000 unlevered net income 60,000 60,000 60,000 + Depreciation 25,000 25,000 25,000 +/(-) increase/(decrease) in working capital 5,000 5,000 5,000 - capital expenditures -90,000 The free cash flow for the first year of Epiphany's project is closest to