Solar Co. is evaluating a proposal to build a new plant that will manufacture solar panels. The salvage value of the plant in eight years is $35 million (at t = 8). The company expects the solar panel line will generate annual sales of $109 million (from t = 1 to t = 8). Manufacturing expenses (excluding depreciation) are $50 million/year (from t = 1 to t = 8). All numbers are before tax. Net working capital is expected to increase by $12 million today (at t = 0) and will remain at the same level until the project ends. At the end of the project (at t = 8), net working capital is expected to be recaptured. Solar Co. has a corporate tax rate of 39%. What is the total cash flow of this project in its last year (at t = 8;excludingany CCA tax shields)?

a)$83.0 million

b)$48.0 million

c)$71.0 million

d)$59.0 million

e)$106.0 million