Magellen Industries is analyzing a new project. The data they have gathered to date is as follows:

	Lower Bound	Expected Value	Upper Bound
Sales quantity	9500	10000	10500
Sales price per unit	$9.75	$10.00	$10.25
Variable cost per unit	$4.80	$5.20	$5.60
Fixed cost	$15,000.00	$18,000.00	$21,000.00

Initial requirement for equipment: $120,000 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?