Kenora Industries is analyzing a new project. They have gathered the following data:

	Worst Case	Base Case	Best Case
Sales quantity	8,500	10,000	12,000
Sales price per unit	$9.25	$9.75	$10.25
Variable cost per unit	$4.90	$5.10	$5.50
Fixed cost	$14,000.00	$17,000.00	$20,000.00

Initial requirement for equipment: $140,000 Depreciation: Straight-line to zero over the four-year life of the project with no salvage value. Required rate of return: 15% Marginal tax rate: 35%

What is the operating cash flow under the base-case scenario?

		$24,672
		$28,403
		$29,675
		$31,300
		$33,975