Nova Electrics anticipates cash flow from operating activities of $8 million in 20X1. It will need to spend $5.5 million on capital investments to remain competitive within the industry. Common stock dividends are projected at $0.60 million and preferred stock dividends at $0.40 million. a. What is the firm's projected free cash flow for the year 20x1? (Enter your answer in millions of dollars rounded to 2 decimal places.) Free cash flow million b. What does the concept of free cash flow represent? O Free cash flow represents the funds that are available for special financing activities, such as a leveraged buyout. O Free cash flow represents the funds that are available for investing activities, such as purchasing plant and equipment assets. O Free cash flow equals cash flow from operating activities