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Precious Metal Mining has $ 1 0 million in sales, its ROE is 1 8 % , and its total assets turnover is 4

Precious Metal Mining has $

10

million in sales, its ROE is

18 %,

and its total assets turnover is

4 \

times

.

Common equity on the firms balance sheet is

50 %

of its total assets. What is its net income? Do not round intermediate calculations. Round your answer to the nearest cent.

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