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An analyst prepares the following reformulated balance sheet (in millions. 2012 2013 NOA 9682 9400 NFO 1987 1876 CSE 7695 7524 Core NOPAT for 2012

An analyst prepares the following reformulated balance sheet (in millions.

2012 2013

NOA 9682 9400

NFO 1987 1876

CSE 7695 7524

Core NOPAT for 2012 was $990 million. The required return for operations is 9 percent. For ease, use beginning of the year balance sheet numbers where pertinent in calculations.

Calculate a growth rate for residual operating income for 2013 based on the growth in net operating assets

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