Company: Intel Corporation

Item	Amount (in millions)
Net Income	$15,100
Depreciation and Amortization	$8,800
Change in Working Capital	$-2,000
Cash Flow from Operating Activities	$21,900
Capital Expenditures	$12,000
Cash Flow from Investing Activities	-$12,500
Cash Flow from Financing Activities	-$4,400
Beginning Cash Balance	$5,000
Ending Cash Balance	$10,000

Questions:

1. What is Intel’s free cash flow?
2. Calculate the net change in cash for Intel.
3. Determine the cash flow to sales ratio if Intel’s revenue is $70,827 million.
4. If Intel paid $5,000 million in dividends, what is the dividend payout ratio?
5. What is the cash flow from operations to net income ratio?