A 5 year project requires the initial purchase of a $245,000 machine. This machine has a 7-year life and will be depreciated straight-line to zero. At the end of the project, the equipment can be sold for $59,000. The tax rate is 34%. What is the aftertax cash flow from the sale of the equipment?
a. $38,940
b. $55,260
c. $57,740
d. $62,740