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The financial staff of Cairn Communications has identified the following information for the first year of the roll - out of its new proposed service:

The financial staff of Cairn Communications has identified the following information for the first year of the roll-out of its new proposed service:
Projected sales
$18 million
Operating costs (not including depreciation)
$9 million
Depreciation
$4 million
Interest expense
$3 million
The company faces a 25% tax rate. What is the projects cash flow for the first year

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