You are preparing a discounted free cash flow analysis for PayCo Inc. For year 1 of the projection period PayCo Inc. expects EBITDA of $420,000, depreciation and amortization of $20,000, outstanding debt of $150,000, capital expenditures of $75,000, an increase in working capital of $20,000, 115,000 shares outstanding, cash of $15,000 and a tax rate of 25%.

What would be the free cash flow for PayCo Inc. in Year 1?