Net income in 2016 = $3,000 Annual depreciation in 2016 = $1,000 Net operating working capital in 2015 = $4,000 Net operating working capital in 2016 = $5,000 Net fixed assets in 2015 = $75,000 Accumulated depreciation in 2015 = $5,500 Gross fixed assets in 2016 = $54,500 There is no other long-term assets in the balance sheets of 2015 and 2016.

1. What is the Net Cash Flow for 2016?

2. What is the Investment in Gross Fixed Assets for 2016?

3. What is the investment in net operating working capital (Investment NOWC) for 2016?

4. What is the Free Cash Flow (FCF) for 2016?