1. Grade Manufacturing started operations on December 31, 2020, acquiring a new facility for a total of $500 million. Below are financial statements for 2020 and 2021 in millions of dollars. What is Grades Free Cash Flow in 2021?

				2020	2021
Income Statement
Revenue					500
Operating Costs					300
Depreciation					40
Earnings Before Interest and Taxes					160
Taxes					64
EBIAT					96
Balance Sheet
Accounts Receivable				0	85
Inventory				0	90
Current Assets				0	175
Gross Property, Plant, and Equipment				360	480
Less: Accumulated Depreciation				0	40
Net Property, Plant, and Equipment				360	440
Total Assets				360	615
Accounts Payable				0	40
Equity				360	456
Total Liabilities and Equity				360	496

NOTE: Assume that Net Working Capital = Accounts Receivable + Inventory Accounts Payable.