Base 37-38 on the following: 2011 2012 2013 REVENUES 44,500 47,000 51,000 COGS 32,500 34,000 36,800 GROSS PROFIT 12,000 13,000 14,200 SG&A 4,100 4,300 4,450 DEPRECIATION 1,270 1,300 1,350 OPERATING INCOME 6,630 7,400 8,400 INTEREST EXPENSE 1,900 1,700 1,300 CAP EX 2,300 2,300 2,400 DEBT 31,600 26,600 18,000 | 38. Assume the company is sold at the end of 2013 for a 9x multiple. What is the equity return? Base 37-38 on the following: 2011 2012 2013 REVENUES 44,500 47,000 51,000 COGS 32,500 34,000 36,800 GROSS PROFIT 12,000 13,000 14,200 SG&A 4,100 4,300 4,450 DEPRECIATION 1,270 1,300 1,350 OPERATING INCOME 6,630 7,400 8,400 INTEREST EXPENSE 1,900 1,700 1,300 CAP EX 2,300 2,300 2,400 DEBT 31,600 26,600 18,000 | 38. Assume the company is sold at the end of 2013 for a 9x multiple. What is the equity return