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A mobile phone company has plans to start a new line of smartphones. It will require large advertising expenses, leading to operating losses of $37

A mobile phone company has plans to start a new line of smartphones. It will require large advertising expenses, leading to operating losses of $37 million next year. Without the new smartphone line, the company could expect a pre-tax income of $92 million from operations next year. Their marginal tax rate is 33%. Compute the dollar amount of taxes the company will have to pay next year after launching the new smartphone line. (Round your answer to two decimal places)

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