In addition the firm made investments in working capital


"A company has net income of $25 million, interest expense of $2 million, depreciation expense of $4 million, and spent $12 million on capital expenditures. Net new borrowing for the year is $8 million, and the firm is in the 25% tax bracket. In addition, the firm made investments in working capital totaling $2 million. What is free cash flow to equity holders?"

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Financial Management: In addition the firm made investments in working capital
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