Company: Intel Corporation

Item	Amount (in millions)
Net Income	$22,700
Depreciation and Amortization	$8,000
Change in Working Capital	$-3,000
Cash Flow from Operating Activities	$27,700
Capital Expenditures	$12,000
Cash Flow from Investing Activities	-$13,500
Cash Flow from Financing Activities	-$8,000
Beginning Cash Balance	$5,200
Ending Cash Balance	$11,400

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 $77,867 million.
4. If Intel paid $6,000 million in dividends, what is the dividend payout ratio?
5. What is the cash flow from operations to net income ratio?