You are analyzing a project and have developed the following estimates. The depreciation is $47,900 a year and the tax rate is 21 percent. What is the worst-case operating cash flow?

	Base-Case	Lower Bound	Upper Bound
Unit sales	11,300	9,800	12,800
Sales price per unit	$ 39	$ 34	$ 44
Variable cost per unit	$ 25	$ 24	$ 26
Fixed costs	$ 9,700	$ 9,200	$ 10,200