The financial staff of Cairn Communications has identified the following information for the first year of the roll-out of its new proposed service:
Projected sales .............................................................................. $18 million
Operating costs (not including depreciation) .............................. $9 million
Depreciation .................................................................................... $4 million
Interest expense ............................................................................. $3 million

The company faces a 25% tax rate. What is the project’s cash flow for the first year (t 5 1)?