Etonic SA is considering an investment of €250,000 in an asset with an economic life of 5 years. The firm estimates that the nominal annual cash revenues and expenses at the end of the first year will be €200,000 and €50,000, respectively.

Both revenues and expenses will grow thereafter at the annual inflation rate of 3 per cent.

Etonic will use the 20 per cent reducing balance method to depreciate its asset over 5 years.

The salvage value of the asset is estimated to be €30,000 in nominal terms at that time. The one-time net working capital investment of €10,000 is required immediately and will be recovered at the end of the project. All corporate cash flows are subject to a 34 per cent tax rate. What is the project’s total nominal cash flow from assets for each year?