FAR Corporation is considering a new project to manufacture widgets. The cost of the manufacturing equipment is $150,000. The asset will fall into the 3-year MACRS class. The year 1-4 MACRS percentages are 33.33%, 44.45%, 14.81%, and 7.41%, respectively. Sales are expected to be $300,000 per year. Cost of goods sold will be 80% of sales. Fixed cost is 12,000 per year. The project will require an increase in net working capital of $15,000. At the end of three years, FAR plans on ending the project and selling the manufacturing equipment for $35,000. The marginal tax rate is 40% and FAR Corporations appropriate discount rate is 12%. Refer to FAR Corporation. What is the operating cash flow for year 3?

		$55,470
		$60,000
		$48,798
		$37,686