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A company has the following figures: Revenues of $ 4 5 0 million, total operating expenses of $ 2 6 5 million, depreciation of $

A company has the following figures: Revenues of $450 million, total operating expenses of $265 million, depreciation of $65 million, capex of 10% of revenues and net working capital additions each year that are 1.5% of revenues. If their tax rate is 25%, what is their unlevered FCF for the year?
Group of answer choices
a. $90 million
b. $103.3 million
c. $120 million
d. $38.25 million

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