Bennett Co. has a potential new project that is expected to generate annual revenues of $261,200, with variable costs of $143,600, and fixed costs of $61,000. To finance the new project, the company will need to issue new debt that will have an annual interest expense of $24,000. The annual depreciation is $25,000 and the tax rate is 40 percent. What is the annual operating cash flow?

• $45,900
• $40,960
• $118,900
• $75,600
• $166,616