CSUDH has prepared a project that generates the following expected cash flows (Numbers in the parenthesis indicate negative cash flows):
Year
Sales (Revenues)
Cost of Goods Sold (50% of Sales)
Depreciation
EBIT
Taxes (35%)
Incremental earnings
Depreciation
CF from changes in net working capital
Capital expenditures
The FCF for the first year of CSHDH project is closest to ________.