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A company has the following information: 2013 retained earnings balance of $12 billion Net income of $3.5 billion in 2014 Capex of $200 million in

A company has the following information: 2013 retained earnings balance of $12 billion Net income of $3.5 billion in 2014 Capex of $200 million in 2014 Preferred dividends of $100 million in 2014 Common dividends of $400 million in 2014

What is the retained earnings balance at the end of 2014?

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