$18.$

Sales $=$ $$1,400,000$

Variable costs $=$ $$500,000$

Fixed costs $=$ $$400,000$

Interest expense $=$ $$100,000$

What is the degree of financial leverage?

$19.$ A company is considering a project with the following cash flows:

Initial outlay $(6,000)$

Year $13,000$

Year $22,000$

Year $32,500$

Year $41,500$

What is the IRR?

$20.$ Net income $$2,000$

Depreciation $$500$

Change in operating assets $$400$

Change in PPE $$700$

Change in long term liabilities $$300$

Dividends $$100$

What is the cash flow from operating activities?