A characteristic of commercial banks is that they Multiple Choice are the most recently established of all financial institutions. rely on checking and savings accounts for funds. do not provide loans for vacations. use all their funds to make loans to businesses. invest exclusively in residential mortgages.

A4-year project has an annual operating cash flow of $59,000. at the beginning of the project, $5,000 in net working capital was required, which will be recovered at the end of the project. the firm also spent $23,900 on equipment to start the project. this equipment will have a book value of $5,260 at the end of the project, but can be sold for $6,120. the tax rate is 35 percent. what is the year 4 cash flow?