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The Whilst Co. is analyzing a project that has projected sales of S230,000 per year and costs of $110,000 per year. The project requires an initial up front investment in inventory of $15,000 plus another $28,000 in accounts receivable. Fixed assets of S120,000 are needed and belong in a 30% CCA class. Assume that the asset class will remain open. Accounts payable will increase by S36,000. An interest expense of S11,000 will be incurred annually. The project has a life of 4 years. At the end of the four years, the equipment has an estimated market value of S40,000. The company has a cost of capital of 14% and is in the 40% marginal tax bracket. Assume that net working capital will be recovered at the end of the project and that the half-year rule is in effect. 1. What is the present value of the after-tax operating cash flow ignoring the impact of depreciation