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Acme, Inc., had revenues of $78 million, cash operating expenses of $21 million, and non-cash depreciation expense of $18 million during the year. Also during
Acme, Inc., had revenues of $78 million, cash operating expenses of $21 million, and non-cash depreciation expense of $18 million during the year. Also during the same year, the firm purchased $15 million of additional equipment while also increasing its working capital investment by $13 million. Additionally, the firm had $6 million in interest expense. The tax rate for Acme is 25%. What is Acme's free cash flow for the year? Answer to the nearest $0.01 million
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