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If a firm has EBIT of $40, a tax rate of 35%, free cash flows of $31, a change in capital expenditures of $20, and

If a firm has EBIT of $40, a tax rate of 35%, free cash flows of $31, a change in capital expenditures of $20, and a change in net working capital of $5, what is its depreciation expense?

  • $0

  • $20

  • $25

  • $30

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