Quad Enterprises is considering a new 4-year expansion project that requires an initial fixed asset investment of $4.536 million. The fixed asset will be depreciated straight-line to zero over its 4-year tax life, after which time it will be worthless. The project is estimated to generate $4,032,000 in annual sales, with costs of $1,612,800.

If the tax rate is 22 percent, what is the OCF for this project?

$2,243,279

• $2,136,456

• $2,419,200

• $2,029,633

• $1,002,456