Wernham-Mifflin 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 583 million annually. Of this, 60% 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 $16 million annually to $44 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 $9 million annually. The project will make use of an existing paper mill, built last year at a cost of $68 million. The mill is being depreciated using prime cost over a useful life of twenty-seven years. However, due to this decision, machinery in the mill will need to be retrofit at a cost of $35 million at t=0. The retrofit machinery has a useful life of seventeen years. Wernham-Mifflin currently pays taxes at an overall tax rate of 42% and a marginal rate of 35%. What is the incremental cash flow from the project for the first year (at t= 1)? O a. $22.43 million O b. $21.67 million O c. $21.22 million O d. $23.06 million O e. $20.74 million