You will use this information for NINE QUESTIONS. Esfandairi Enterprises is considering a new three-year expansion project that requires an initial fixed asset investment of $22.78 million. This fixed asset will be depreciated straight-line to zero over its three-year tax life, after which time it will be worthless. The project is expected to sell one million units each year at a price per unit of $18.50 and a cost per unit of $6.40. however actual cost and price may be 10% higher or lower than these expected values. Fixed costs will be $4 million per year. The tax rate is 21 percent and the required return on the project is 12.4 percent. What is the project's base case (expected) annual operating cash flow? $6.82million $8.54million $9.31million $5.24 million @ $7.99 million