The intertronics approved a 6-year project that requires an initial investment of $48 million for the equipment and working capital of $3 million. The marginal tax rate for intertronics is 10%. The project will generate sales of $40 million, Operating Expenses of $4 million and Depreciation and Amortization charges of $8 million. The firm uses straight-line depreciation and assumes that the equipment will fully depreciate at the end of the project. If the market value of the equipment is $1 million at the end of the project, What is the Free Cash Flow of the project in year 6?

25.20

34.87

39.33

34.13

37.10