Last year Curative Technologies Inc. reported earnings after-tax of $23 million. Included in the expenses were depriciation of $3.7 million and interest expenses of $2.9 million. The year-end balance sheets shows an increase in deferred taxes of $2.6 million to a total of $14.2 million. What is Curative Technologies after-tax cash flow for last year? Assume a marginal tax rate of 40%.
a. $20.1 million
b. $32.2 million
c. $29.3 million
d. $26.4 million