Year 4 revenues of $180,000, Cost of Goods sold $54000, Depreciation $20,000 and EBIT $106,000.

Projecxt requires an intial investment of $300,000 on equipment. Working Capital is anticipated to be variable at 10% of revenues; the working capital investment must be made at the beginning of each period, and will be recovered in full at thge end of year 4. Equipment will be sold at its book value at the end of the year 4. The tax rate is 40%. What is the net cash flow to the firm in year 4?