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6. A firm has earned $5 million in net profits for the year. It decides to pay $3 million in dividends and use the rest

6. A firm has earned $5 million in net profits for the year. It decides to pay $3 million in dividends and use the rest to purchase $1 in new machinery and $1 million in raw materials. What is its Retained Earnings?

a) $0

b) $1 million

c) $2 million

d) $3 million

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