1. Below is a (partial) copy of New Jersey Tool's most recent income statement and balance sheet (all numbers are in millions):

Income Statement
	Current Year
Sales	2128
COGS	1043
SG&A	284
Depreciation	271
Interest Expense	146
Tax Rate	23%

Balance Sheet
		Current Year		Prior Year
Assets
Cash		638		694
A/R		1210		1190
Inventory		853		871
Net PP&E		1058		895
Liabilities
A/P		618		623
Bonds Payable	1067		1047

What was New Jersey Tool's free cash flows?

(Enter your answer in millions. i.e. 5.5 million, not 5,500,000)

2. Clorox is thinking about introducing a new brand of cleaning products. Marketing and developing the new products will cost 584 million dollars. In one year, the new products will generate a cash flow of 46 million dollars. In two years, the new products will generate a cash flow of 71 million dollars. In three years, the new products will generate a cash flow of 97 million dollars. After that, cash flows are expected to grow by 2% forever. If the cost of capital is 12%, what is the NPV of this project? (Enter your answer in millions. i.e. 5.5 million, not 5,500,000)