Your company, CSUS Inc., is considering a new project whose data are shown below. The required equipment has the following accelerated depreciation rates 33.0%, 45.0%, 15.0%, and 7.0% for Years 1 through 4. Revenues and other operating costs are expected to be constant over the project's 10-year expected operating life. Salvage value is zero and working capital is not required. What is the project's Year 4 cash flow?

Equipment cost (depreciable basis)	$70,000
Sales revenues, each year	$48,000
Operating costs (excl. depr.)	$25,000
Tax rate	35.0%

Question 12 options:

	$18,831
	$19,331
	$16,665
	$20,165
	$15,498