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Profits after taxes = $17 million; Depreciation = $5 million; Interest expense = $3 million; Investment in fixed assets = $7 million; Investment in working

Profits after taxes = $17 million; Depreciation = $5 million; Interest expense = $3 million; Investment in fixed assets = $7 million; Investment in working capital = $2 million. The corporate tax rate is 25 percent. Calculate the free cash flow (FCF) for year 1.

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