The tax rate is expected to remain at 40 on the basis of


At the end of last year, Edwin Inc. reported the following income statement (in millions of dollars): Sales $4,240 Operating costs excluding depreciation 3,040 EBITDA $1,200 Depreciation 315 EBIT $885 Interest 130 EBT $755 Taxes (40%) 302 Net income $453 Looking ahead to the following year, the company's CFO has assembled this information: Year-end sales are expected to be 4% higher than $4.24 billion in sales generated last year. Year-end operating costs, including depreciation, are expected to increase at the same rates as sales. Interest costs are expected to remain unchanged. The tax rate is expected to remain at 40%. On the basis of this information, what will be the forecast for Edwin's year-end net income? Round your answer to the nearest whole million. Do not round intermediate calculations. Enter all values as positive numbers.

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Financial Management: The tax rate is expected to remain at 40 on the basis of
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