The Rare Find Co. has the following information:

Debt outstanding:$150 million

Before tax cost of debt:6%

Market cap:$525 million

Cost of common stock:12%

Tax rate: 21%

Rare Find is evaluating a project with the following information:

Over the next five years EBIT will equal: 15 million, 17 million, 20 million, 22 million, 25 million respectively.

An investment of $3 million is required in net working capital at the beginning of the project, which will be recovered at the end of the project.

The cost of the equipment will be $25 million depreciated using straight-line to zero over the projects life, with no salvage value.

The project requires an additional 2% risk premium above the firms WACC.

Calculate the operating cash flows for the first year of the project.