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Note: this is negative cash flow Year 1 cash out flow Year 1 and 2 cash inflow = (Sales - Fixed cost)*(1-tax rate) + Depreciation

Note: this is negative cash flow Year 1 cash out flow Year 1 and 2 cash inflow = (Sales - Fixed cost)*(1-tax rate) + Depreciation * tax rate - Investment in Working Capital Year 1 & 2 cash inflow ...

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