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2. Calculate planned ROA (before income tax) for MSM for 2004. You may assume 45 days for receivables, 6 turns for inventory, 30 days for

2. Calculate planned ROA (before income tax) for MSM for 2004. You may assume 45 days for receivables, 6 turns for inventory, 30 days for payables and a minimum cash reserve of $500,000

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