Company XYZ wants to expand its operations with an aggressive plan. This plan entails building a new factory. The initia

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Company XYZ wants to expand its operations with an aggressive
plan. This plan entails building a new factory. The initial cost is
$480 million (at t=0), it will last 8 years and is depreciated
straight-line to a book value of 0. Annual sales and costs will be
$300 million and $200 million respectively (in all 8 years).
Inventories will rise immediately by $17 million. All working
capital components return to original values at the end of the
project's life. Assume tax rate is 25%.
If Accounts Receivables rise at the end of the first year (t =
1) by $44.8 million. What is the FCFF at the end of the first year
(i.e. at t=1)?