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Precious Metal Mining has $16 million in sales, its ROE is 16%, and its total assets turnover is 4. Common equity on the firms balance

Precious Metal Mining has $16 million in sales, its ROE is 16%, and its total assets turnover is 4. Common equity on the firms balance sheet is 80% 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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