The financial staff of Cairn Communications has identified the following information for the first year of the roll-out of its new proposed service:
Projected sales ................................................... $18 million
Operating costs (not including depreciation) ................ $9 million
Depreciation ...................................................... $4 million
Interest expense ................................................... $3 million
The company faces a 40% tax rate. What is the project's operating cash flow for the first year (t = 1)?