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: $5 million

Interest expense: $3 million

The company faces a 35% tax rate. What is the project's operating cash flow for the first year (t = 1)? Write out your answer completely.

For example, 2 million should be entered as 2,000,000.