Suppose that Tomorrowland Speedway Incorporated is estimating cash flows for a new project. The projections for the first year are as follows:

Sales Revenue	$400,000
Cost of Goods	40% of sales
Other expenses (excluding depreciation)	22% of sales
Depreciation	$25,000
Investment in NWC	$11,000
Investment in Gross PPE	$27,500
Cash flow from side effects	-$18,000
Interest Payment on Debt	$12,000

If the tax rate facing the firm is 34%, what is the project cash flow for the first year?

Question 11 options:

	$44,400
	$88,320
	$52,320
	$58,420
	$54,960