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)	18% 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?

	$62,880
	$54,960
	$98,880
	$79,380
	$44,400