A firm's cash flow from operating activities is $32 million, depreciation is $4 million, its investments in fixed capital totals $13 million, its before-tax interest totals $4 million and its investment in working capital totals $4 million. The tax rate is 30%. What is its Free Cash Flow to the Firm?

a.

$23.00 million

b.

$21.80 million

c.

$25.80 million

d.

$17.80 million