A decision tree a. arranges decision alternatives and states of nature in their natural chronological order.
b. presents all states of nature first and follows them with all decision alternatives.
c. all of these statements.
d. alternates the decision alternatives and states of nature.
e. none of these statements.
f. presents all decision alternatives first and follows them with all states of nature.

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?