(Economic value added) Drew Concrete uses Economic Value Added as a financial performance measure. Drew has $220 million in assets, and the firm has financed its assets with 50% equity and 50% debt with an interest rate of 9%. The firm's opportunity cost on its funds is 13%, while the operating return on the firm's assets is 12%.

a. What is the Economic Value Added created or destroyed by Drew Concrete?

b. What does Economic Value Added measure?