AAA recently reported $280,000 of sales, $170,000 of operating costs other than depreciation, and $12,000 of depreciation. The company had $5,000 interest rate, and its income tax rate was 35%. In order to sustain its operations and thus generate future sales and cash flows, the firm was required to spend $25,250 to buy new fixed assets and to invest $9,500 in net working capital. What was the firm's free cash flow? * $ 37,700 $40,950 $42,736 $47,273 None of the above