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Last year Pence \& Co. had $20 million in operating income (EBIT). The company had interest expense of $2 million and net depreciation expense of $4 million. Its corporate tax rate was 40 percent. The company has $32 million in current assets and $8 million in non-interestbearing current liabilities; it has $24 million in net plant and equipment. It estimates that it has an after-tax cost of capital of 12 percent. Assume that the company's only noncash item was depreciation. What was the company's net cash flow for the year? A. $12.8 million B. $13.2 million C. $13.6 million D. $12.0 million E. $14.8 million