3. Lewis Clark reported earnings before interest and taxes of $ 63 million last year, but you have uncovered the following additional items about the rm: ' The rm had operating lease expenses of $ 50 million last year and has a commitment to make equivalent payments each year for the next 8 years. ' The rm reported capital expenditures of $ 30 million and depreciation of $ 50 million last year in its statement of cash ows. However, the rm also made two acquisitions, one funded with cash for $ 50 million and another, funded with a stock swap, for $ 30 million. The amortization of these acquisitions is already included in the current year's depreciation. ' The total working capital increased from $ 180 million at the start of last year to $ 200 million at the end of the year. However, the rm's cash balance was a signicant portion of this working capital and increased from $ 80 million at the start of last year to $ 12!} million at the end. {The cash was invested in T.Bills} ' The tax rate is 49%, the rm's pro-tax cost of debt is 6% and its cost of capital is 10%.. Estimate the free cashows to the rm last year. {3 points}