A proposed capital expenditure project involves purchasing and installing new equipment. The equipment cost will be $20,000, with an additional $1,500 for delivery, and installation is estimated to be 4,000. The equipment has an expected life of 9 years, and an estimated salvage value of $6,000. The project requires an additional working capital investment of $6,000. The project revenues are forecast at 35,000 per year and cash expenses are estimated at 15,000 per year. The firm has a 40% marginal tax rate and a 8% weighted average cost of capital (WACC). Annual depreciation is expected to increase by 2833.33 per year, assuming simplified straight-line depreciation. Calculate the one-time, end of project cash flows from this proposed project.

a. 9,600

b. 12,000

c. 3,600

d. 20,000

e. none of the above