A trading firm is preparing the budget related to FCF for the coming year. For the first fiscal year (year 1) the following budget assumptions (DKK million in nominal terms) apply:

Unknown problem no. 1 A trading firm is preparing the budget related to FCF for the coming year. For the first fiscal year (year 1) the following budget assumptions (DKK million in nominal terms) apply: Revenue: 71 Variable costs: 31 Fixed costs: 13 Depreciation: 9 Inventories beginning: 3 Inventories end: 8 Accounts receivable beginning: 0 Accounts receivable end: 5 Accounts payable beginning: 4 Accounts payable end: 9 Capital Expenditures (net): 2 Tax payment: 3 All payments are made at the end of the year. In which interval is given the Free Cash Flow (FCF) of the investment in year 1 in nominal prices (in DKK million)? A. [2, 4] *B. 116; 18) C. ]11; 13] D. 19; 11] E. [18;20] F. [21;23]