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A company has EBIT of $50 million, depreciation of $6.5 million, and a 35% tax rate. It needs to spend $10 million on new

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A company has EBIT of $50 million, depreciation of $6.5 million, and a 35% tax rate. It needs to spend $10 million on new fixed assets and $15 million to increase its operating current assets. It expects its accounts payable to increase by $2 million, its accruals to increase by $3 million, and its notes payable to increase by $8 million. The firm's current liabilities consist of only accounts payable, accruals, and notes payable. What is its free cash flow?

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