The following data are projected for a possible investment project:

Revenues	140000	160000	180000	200000
Cost of goods sold	36000	42000	48000	54000
Depreciation	70000	50000	30000	10000
EBIT	34000	68000	102000	136000

Refer to Exhibit 9-2. The project requires an initial investment of $350,000. Working capital is anticipated to be variable at 12% of revenues; the working capital investment must be made at the beginning of each period, and will be recaptured in full at the end of year 4. The tax rate is 34%. What is the initial cash outlay?