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Franklin Corporation has a desired rate of return of 9 percent. William Tobin is in charge of one of Franklins three investment centers. His center

Franklin Corporation has a desired rate of return of 9 percent. William Tobin is in charge of one of Franklins three investment centers. His center controlled operating assets of $2,450,000 that were used to earn $280,000 of operating income.

Required

Compute Mr. Tobins residual income.

Residual income=

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