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Arlington Corporation's financial statements (dollars and shares are in millions) are provided here.

Balance Sheets as of December 31 2016 2015 Assets Cash and equivalents $14,000 $13,000 Accounts receivable35,000 30,000 Inventories30,165 27,000 Total current assets$79,165 $70,000 Net plant and equipment49,000 45,000 Total assets$128,165 $115,000 Liabilities and Equity Accounts payable $10,200 $8,500 Accruals7,600 5,000 Notes payable6,900 5,300 Total current liabilities$24,700 $18,800 Long-term bonds10,000 10,000 Total liabilities$34,700 $28,800 Common stock (4,000 shares)40,000 40,000 Retained earnings53,465 46,200 Common equity$93,465 $86,200 Total liabilities and equity$128,165 $115,000 Income Statement for Year Ending December 31, 2016 Sales $225,000 Operating costs excluding depreciation and amortization 180,000 EBITDA $ 45,000 Depreciation & amortization7,000 EBIT$ 38,000 Interest200 EBT$ 37,800 Taxes (40%)15,120 Net income$ 22,680 Dividends paid15,415

Enter your answers in millions. For example, an answer of $25,000,000,000 should be entered as 25,000.

1. What was net operating working capital for 2015 and 2016?

2.What was Arlington's 2016 free cash flow?

3.Construct Arlington's 2016 statement of stockholders' equity.

Common StockRetained

EarningsTotal Stockholders'

Equity SharesAmount Balances, 12/31/15 million$ million$ million$ million 2016 Net Income million Cash Dividends million Addition to retained earnings million Balances, 12/31/16 million$ million$ million$

D. What was Arlington's 2016 EVA? Assume that its after-tax cost of capital is 10%. Round your answer to two decimal places.

e. What was Arlington's MVA at year-end 2016? Assume that its stock price at December 31, 2016 was $25.