so that answer is not correct

Quad enterprises is considering a new three year expansion project that requires an initial fixed asset investment of $2.3 million the fixed asset will be depreciated straightline to zero over its three year tax life after which time it will be worthless. the project is estimated to generate $1,645,000 in annual sales with costs of $631,000. if the tax rate is 24 percent what is the OCF for this project Problem 10-9 Calculating Project OCF [LO Quad Enterprses is considering a new three-year expansion project that requires an nitial fixed asset investment of $2.3 million The fxed asset will be depreciated straight- line to zero over its three-year tax Ife, after which time it will be worthless. The project is estimated to generate $1.654,000 in annual sales, with costs of $631,000. Iif the tax rate is 24 percent, what is the OCF for this project? (Do not round intermediate celculations and enter your answer in dollers, not millions of dollars, .g.1.234,567) Pe 3 Solution: Annual depreciation- (Cost salvage value) /life of project Annual depreciation (23,00,000 0)/3 S7,66,666.67 (approximately) OCF - (sales - cost) *(tax rate)+ tax saving on depreciation OCF 16,45,000 6,31,000)* 1-0.24) + 7,66,666.67*0.24 OCF $7,70,640 1,84,000-$9,54,640