Cyclone Industrial is considering a project with an initial cost of $$3\mathrm{.}5$ million to purchase a piece of equipment, which will be depreciated straight$-$line to a book value of $$0$ over its $5-$year life.

The new equipment will reduce the operating costs by $$850,000$ per year $($This is a pre$-$tax figure.$)$

The marginal tax rate is $35\%.$

The additional information for this question:

There is an initial investment in the net working capital $($NWC$)$ of $$450,000,$ which will be maintained at this level until the NWC is recovered at the end.

The used equipment can be sold at $$40,000$ at the end of the project.

By including ALL the components, what are the incremental free cash flows $($FCFs$)$ over the lifetime of the equipment?

Hint: please include the after$-$tax salvage value in the $5$ th year.

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