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#14 Precious Metal Mining has $8 million in sales, its ROE is 13%, and its total assets turnover is 3.2. Common equity on the firms

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Precious Metal Mining has $8 million in sales, its ROE is 13%, and its total assets turnover is 3.2. Common equity on the firms balance sheet is 80% of its total assets. What is its net income? Do not round intermediate calculations. Round your answer to the nearest cent.

$ ___?

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