Runharembozha Company(Runhare) is considering production of a new cell phone with the following associated data: Expected annual revenues: $750,000 Projected product life cycle: five years Equipment: $800,000 with a salvage value of $100,000 after five years Expected increase in working capital: $100,000 (recoverable at the end of five years) Annual cash operating expenses: estimated at $450,000 Required rate of return: 12 percent Required: a) Estimate the annual cash flows for the cell-phone project. (10 marks)