Wernham-Miffin is considering launching a new line of septagonal-shaped paper. You have the following information:Revenues due to the sale of the new product are expected to be $62 million annually. Of this, 66% will be by cash with the remainder sold on credit. Credit sales are expected to start being repaid after 2 years. Total paper production costs will increase from the current level of $9 million annually to $26 million annually after the product launch. Hyper-aggressive sales agent Dwight Schrute will be reassigned from other projects to sell the new product line. Customers of those other products will be relieved and sales will increase by $7 million annuallyThe project will make use of an existing paper mill, built last year at a cost of $69 million. The mill is being depreciated using prime cost over a useful life of eighteen years. However, due to this decision, machinery in the mill will need to be retrofit at a cost of $52 million at t=0. The retrofit machinery has a useful life of twenty-three years. Wernham-Mifflin currently pays taxes at an overall tax rate of 26% and a marginal rate of 31%What is the incremental cash flow from the project for the first year (at t=1)?