14. A company has the following figures: Revenues of $450 million, total operating expenses of $265 million, depreciation of $65 million, capex of 10% of revenues and net working capital additions each year that are 1.5% of revenues. If their tax rate is 25%, what is their unlevered FCF for the year? a. $90 million b. $103.3 million c. $120 million d. $38.25 million