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Last year California Amplifiers, Inc. had $33 million in operating income. The company had depreciation expense of $7 million, interest expense of $4.3 million, and

Last year California Amplifiers, Inc. had $33 million in operating income. The company had depreciation expense of $7 million, interest expense of $4.3 million, and a corporate tax rate of 40 percent. The company has $22 million in current assets and $11 million in non-interest-bearing current liabilities; it has $31 million in net plant and equipment (fixed assets). It estimates that it has an after-tax cost of capital of 12 percent. Assume that its only noncash item was depreciation. What was the company's EVA for the year?

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