3. A capital expenditure project under consideration will involve purchasing and ning new equipment. The equipment cost will be $25,000, with an additional $2,000 for delivery, and installation is estimated to be 54,000. The equipment has an expected life of years, and an estimated salvage value of $9,000. The project requires an additional working capital investment of $10,000. The project revenues me forecasted to be $30,000 per year and cash expenses are estimated at $10,000 per year. The firm has a 3546 marginal tax rate and a 1046 weighted average cost of capital (WACC) Calculate the annual net cash flows from this project, assuming simplified straight-line depreciation $14,205.56 per year b. $13,855,56 per year $10,52338 per year d. $9,566.03 per year None of the listed items is correct C