Here are simplified financial statements of Phone Corporation from a recent year: INCOME STATEMENT (Figures in millions of dollars) Net sales 13,500 Cost of goods sold 4,260 Other expenses 4,147 Depreciation 2,638 ________________________________________ Earnings before interest and taxes (EBIT) 2,455 Interest expense 705 ________________________________________ Income before tax 1,750 Taxes (at 30%) 525 ________________________________________ Net income 1,225 Dividends 896 ________________________________________________________________________________ ________________________________________ BALANCE SHEET (Figures in millions of dollars) End of Year Start of Year Assets Cash and marketable securities 93 162 Receivables 2,582 2,570 Inventories 207 258 Other current assets 887 952 ________________________________________ ________________________________________ Total current assets 3,769 3,942 Net property, plant, and equipment 20,013 19,955 Other long-term assets 4,256 3,810 ________________________________________ ________________________________________ Total assets 28,038 27,707 ________________________________________________________________________________ ________________________________________________________________________________ Liabilities and shareholders equity Payables 2,604 3,080 Short-term debt 1,439 1,593 Other current liabilities 831 807 ________________________________________ ________________________________________ Total current liabilities 4,874 5,480 Long-term debt and leases 6,022 6,117 Other long-term liabilities 6,218 6,189 Shareholders equity 10,924 9,921 ________________________________________ ________________________________________ Total liabilities and shareholders equity 28,038 27,707 ________________________________________________________________________________ ________________________________________________________________________________ ________________________________________ Phone Corp.s cost of capital was 8.7%. What was Phone Corp.s economic value added? (Enter your answer in millions rounded to 2 decimal places.) Economic value added $ millions