Whitestone Products is considering a new project whose data are shown below. The required equipment has a 3-year tax life, and the accelerated rates for such property are 33.33%, 44.45%, 14.81%, and 7.41% for Years 1 through 4. Revenues and other operating costs are expected to be constant over the project's 10-year expected operating life. What is the project's Year 4 cash flow?

Equipment cost (depreciable basis) $70,000

Sales revenues, each year $42,500

Operating costs (excl. deprec.) $25,000

Tax rate 35.0%

a. $11,904

b. $12,531

c. $13,190

d. $13,850

e. $14,542