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Operating Cash Flow The financial staff of Cairn Communications has identified the following information for the first year of the roll-out of its new proposed

Operating Cash Flow

The financial staff of Cairn Communications has identified the following information for the first year of the roll-out of its new proposed service:

Projected sales $25 million
Operating costs (not including depreciation) $10 million
Depreciation $6 million
Interest expense $3 million

The company faces a 30% tax rate. What is the project's operating cash flow for the first year (t = 1)? Write out your answer completely.

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