XYZ is considering a project that would last for 3 years and have a cost of capital of 21.90 percent. The relevant level of net working capital for the project is expected to be $2,000 immediately (at year 0); $4,680.00 in 1 year; $15,600.00 in 2 years; and $0.00 in 3 years. Relevant expected revenue, costs, depreciation, and cash flows from capital spending in years 0, 1, 2, and 3 are presented in the following table. The tax rate is 46.40