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$5.$ Problem $4\mathrm{.}08($DuPONT and Net Income$)$

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Precious Metal Mining has $$7$ million in sales, its ROE is $15\%,$ and its total assets turnover is $3\mathrm{.}2.$ Common equity on the firm's balance sheet is $50\%$ of its total assets. What i net income? Do not round intermediate calculations. Round your answer to the nearest cent.

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