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Fanning Corporation has a desired rate of return of 8 percent. William Tobin is in charge of one of Fanning's three investment centers. His center

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Fanning Corporation has a desired rate of return of 8 percent. William Tobin is in charge of one of Fanning's three investment centers. His center controlled operating assets of $2,400,000 that were used to earn $260,000 of operating income. Required Compute Mr. Tobin's residual income

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