Calculate the leverage effect for each year. What are your conclusions? Millions of Shareholders' equity Long- and

Calculate the leverage effect for each year. What are your conclusions?

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Millions of Shareholders' equity Long- and medium-term debt Financial expense before tax Net income Tax rate 1 2 3 4 ST 5 100 115 320 300 240 123 180 540 640 680 11 18.5 29 63 83 14 16 (20) (60) (40) 35% 35% 35% 35% 35%