seven years. The company's cost of capital is 9% and the tax rate is 35%. Answer the following questions. What are the initial cash flows? (Answer in dollars and round to the nearest dollar.) $ What are the operating cash flows at the end of the first year? (Answer in dollars and round to the nearest dollar.) What are the terminal year cash flows? (Answer in dollars and round to the nearest dollar.) What is the NPV of the replacement cash flows? (Answer in dollars and round to the nearest dollar.)