Valley Club is considering adding a miniature golf course to its facility. The course would cost $44,000, would be depreciated on a straight-line basis over its 4-year life, and would have a zero salvage value. The estimated income from the golfing fees would be $33,000 a year with $9,000 of that amount being variable cost. The fixed cost would be $6,200. The project will require $3,000 of net working capital, which is recoverable at the end of the project. What is the operating cash flow of this project for year 1 to year 4 at a tax rate of 20 percent?

a) $13,992

b) $15,100

c) $14,154

d) $16,440