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Hartzell Inc. had the following data for 2 0 2 0 , in millions: Net income = $ 6 0 0 ; after - tax

Hartzell Inc. had the following data for 2020, in millions: Net income = $600; after-tax operating income [EBIT(1- T)]= $700; and Total assets = $1,700. Information for 2021 is as follows: Net income = $825; after-tax operating income [EBIT(1- T)]= $1,050; and Total assets = $2,200. Assume the firm had no excess cash. How much free cash flow did the firm generate during 2021?
a. $1,325 million
b. $325 million
c. $550 million
d. $825 million
e. $1,550 million

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