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A company just received $ 2 0 0 million from new shareholders in an IPO at the beginning of the year. At the end of

A company just received $200 million from new shareholders in an IPO at the beginning of the year. At the end of the year the firm had earnings before taxes of $35 million. The company has a required return of 11.25 percent and a 30% tax rate. The residual income for the year is closest to

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