Consider the following financial data for Intel Corporation and AMD for the fiscal year 2023:

($ millions)	Intel Corporation	AMD
Net sales	$79,200	$23,500
Cost of sales	32,800	13,800
Gross profit	46,400	9,700
Operating expenses:
Selling, general, and administrative	15,300	4,700
Research and development	13,200	3,200
Operating income	17,900	1,800
Interest and other (income) expense	2,300	1,000
Interest and investment income	(700)	(200)
Earnings before provision for income taxes	16,300	1,000
Provision for income taxes	5,700	350
Net earnings	$10,600	$650

Required: a. Calculate the return on equity (ROE), return on assets (ROA), and return on financial leverage (ROFL) for Intel Corporation and AMD. Assume a tax rate of 30%. b. Disaggregate the ROA into profit margin (PM) and asset turnover (AT) for each company. Discuss the key factors affecting their ROA. c. Evaluate the trend in gross profit margins over the past five years. What does this trend indicate about the companies' operational efficiency? d. Assess the debt-to-equity ratio for both companies and discuss the implications for their financial leverage. e. Analyze the free cash flow for Intel Corporation and AMD. What does it indicate about their liquidity and ability to fund growth?