fcl = free cash flow

You are going to invest in a 5-year investment project where you will sell sportswear. To carry out the project, an investment in machinery of 110 million dollars must be made. This machinery depreciates in a straight line over 5 years with a salvage value of $ 10 million. Annual sales of sportswear are estimated to be $ 45 million. These sales will be constant. All operating costs are $ 10 million and will also remain constant over the life of the project. At the end of the project, the asset is sold for 12 million. The tax rate is 30%. Build the FCL, ECLO- ECLC1- FCL.12) ECL 3)- ECL4)- FCL65