ACF is a textile company that has operating earnings (EBIT) of $50 million. It employs $200 million capital that comes 60% from debt and the rest, 40% from equity. Its cost of debt is 5% and tax rate is 35%. Estimate the EVA if ACFs beta is 1.5, the market risk premium is 6% and the risk free interest rate is 3%.

a) 19.0

b) 17

c) 15

d) 22