Wells Water Systems recently reported $8,250 of sales, $4,500 of operating costs other than depreciation, and $950 of depreciation. The company had no amortization charges. It has $3,250 of outstanding bonds that carry a 0.75% interest rate, and its federal-plus-state income tax rate was 35%. In order to sustain its operations, the firm was required to spend $750 to buy new fixed assets and to invest $250 in net operating working capital. How much free cash flow did Wells generate?

*Please provide a step-by-step answer