Zepplin Aerospace is trying to estimate the first-year operating cash flow (at t = 1) for a proposed project. The financial staff has collected the following information: 

Projected sales ............................................. $18 million

Operating costs ............................................. $9 million

Capital cost allowance ................................... $4 million

Interest expense ............................................. $3 million

The company faces a 30% tax rate. What is the project's operating cash flow for the first year (t = 1)?