You have just completed a

$ $17$ comma $000$$$17,000$

feasibility study for a new coffee shop in some retail space you own. You bought the space two years ago for

$ $105$ comma $000$$$105,000,$

and if you sold it$$ today, you would net

$ $115$ comma $000$$$115,000$

after taxes. Outfitting the space for a coffee shop would require a capital expenditure of

$ $33$ comma $000$$$33,000$

plus an initial investment of

$ $4$ comma $500$$$4,500$

in inventory. What is the correct initial cash flow for your analysis of the coffee shop$$ opportunity?

Calculate the initial cash flow$$ below: