Exhibit 9-2 The following data are projected for a possible investment project: 2 3 4 Revenues $120,000 $140,000 $160,000 $180,000 Cost of Goods Sold$ 36,000$ 42,000 $ 48,000 $54,000 Depreciation $80,000 60,000 40,000 $20,000 EBIT $4000 38,000 72,000 $106,000 Refer to Exhibit 9-2. The project requires an initial investment of $300,000. Working capital is anticipated to be variable at 10% of revenues; the working capital investment must be made at the beginning of each period, and will be recaptured in full at the end of year 4. The tax rate is 40%. What is the initial cash outlay? $312,000 $300,000 $232,000 $220,000