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10. An investment (equipment) costs $144,000 cash in its first year of operation and it is expected to have a residual value of $32,000 at the end of its four-year useful life. The equipment produces a product that is expected to generate annual sales of 4,800 units at a price of $43 per unit. The product's manufacturing cost per unit is $42.00 including $8.40 per unit for factory depreciation. Calculate this investment's net annual cash flow for its first year of operation