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 48,00054,000 Depreciation $80,000 $60,000 40,000 20,000 000 38.000 72.000 $10600 EBIT 4,000 Refer to Exhibit 9-2. The project requires an initial investment of $300,000 on equipment. 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 recovered in full at the end of year 4. Equipment will be sold at its book value at the end of year 4. The tax rate is 40%. What is the net cash flow to the firm in year 4? o $201,600 $101,600 $183,600 $161,600