City Security is considering a project with an initial fixed asset cost of $5,600,000 which will be depreciated on the MACRS 5-year class over the 5-year of the project. At the end of the project, the book value will be zero and the equipment will be sold for an estimated $2,800,000. The project will not directly produce any sales but will save the firm $1,000,000 per year in pretax operating cost. The system requires an initial investment in net-working capital of $290,000.The tax rate is 35%. What is the after-tax salvage value of the equipment after 5 years? What are the depreciation and operating cash flows of each year i.e. from year 1 to year 5? Show your calculation

Year	5-year MACRS percent
1	20%
2	32%
3	19.2%
4	11.5%
5	11.5%
6	5.8%

Thanks very much