Question $4$

A $4-$year project has an annual operating cash flow of $$47,500.$ At the beginning of the project, $$3,850$ in net working capital was

required, which will be recovered at the end of the project. The firm also spent $$21,600$ on equipment to start the project. This

equipment will have a book value of $$4,340$ at the end of the project, but can be sold for $$5,430.$ The tax rate is $35$ percent. What is

the Year $4$ cash flow?

$$48,699$

$$54,880$

$$56,399$

$$57,162$

$$18,392$