Temporary Housing Services Incorporated (THSI) is considering a project that involves setting up a temporary housing facility in an area recently damaged by a hurricane. THSI will lease space in this facility to various agencies and groups providing relief services to the area. THSI estimates that this project will initially cost

$5

million to set up and will generate

$23

million in revenues during its first and only year in operation (paid in one year). Operating expenses are expected to total

$12

million during this year and depreciation expense will be another

$2

million. THSI will require no working capital for this investment. THSI's marginal tax rate is 35%.

Ignoring the original investment of $5 million, what is THSI's free cash flow for the first and only year of operation