1. A project is expected to sell one million units each year at a price per unit of $16.50 and a cost per unit of $6.50. Annual fixed costs will be $2 million per year. The assets required to start the project will cost $8mm and will be straight-line depreciated over the projects 10 year life. If the tax rate is 21%, and the cost of capital is 12%, then what is the present value of the projects operating cash flow?

   		$32,138,469
   		$36,658,647
   		$42,813,712
   		$39,224,983
   		$46,647,696