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A firm's after-tax operating income was $1,000,000 in 2017. It started the year with total capital of $8,000,000 and raised an additional $1 million of
A firm's after-tax operating income was $1,000,000 in 2017. It started the year with total capital of $8,000,000 and raised an additional $1 million of capital during the year. The additional capital raised during 2017 only started to affect the operating income in 2018. Which value best represents the return on capital for 2017?
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