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Hartzell Inc. had the following data for 2017, in millions: Net income = $600; after-tax operating income [EBIT (1-T)] = $700; and Total assets =
Hartzell Inc. had the following data for 2017, in millions: Net income = $600; after-tax operating income [EBIT (1-T)] = $700; and Total assets = $2,000. Information for 2018 is as follows: Net income = $825; after-tax operating income [EBIT (1-T)] = $825; and Total assets = $2,500. Assume the firm had no excess cash. How much free cash flow did the firm generate during 2018? a. $257
b. $367
c. $325
d. $397
e. $286
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