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2. For the year 2021, Rattner Robotics had $5 million in operating income (EBIT). Its depreciation expense was $1.5 million, its interest expense was $1

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2. For the year 2021, Rattner Robotics had $5 million in operating income (EBIT). Its depreciation expense was $1.5 million, its interest expense was $1 million, and its corporate tax rate was 35%. At the end of year 2021, it had $10 million in operating current assets, $3 million in accounts payable, $1 million in accruals, and \$2 million in notes payable. Assume Rattner has no excess cash and no other current liabilities. Assume that Rattner's only noncash item was depreciation. a) What was the company's net income for the year 2021 ? b) What was its net operating working capital (NOWC) for the year 2021 ? c) Rattner reported $4 million in capital expenditure for the year of 2021. Rattner's NOWC for the prior year (year 2020) is $5.5 million. What is the company's free cash flow (FCF) for the year of 2021 ? (Hint: you need your results from part b to calculate this question)

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