Carbunkle Corp. is evaluating a project that will require the firm to spend $4,000,000 to purchase and install new equipment, which will be depreciated on a straight-line basis over 5 years to a value of $0. The project will reduce Selling, General & Administrative expenses by $500,000 each year for 5 years. The company’s marginal tax rate is 35%. What is the project’s annual after-tax operating cash flow?