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Precious Metal Mining has $16 million in sales, its ROE is 13%, and its total assets turnover is 3.2x. Common equity on the firm's balance

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Precious Metal Mining has $16 million in sales, its ROE is 13%, and its total assets turnover is 3.2x. Common equity on the firm's balance sheet is 55% of its total assets. What is its net income? Write out your answer completely. For example, 5 million should be entered as 5,000,000. Do not round intermediate calculations. Round your answer to the nearest cent

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