Q2 Travelodge, a firm in hospitality business reported earning before interest and taxes of 60 million last year, but you have uncovered the following additional items of interest . The firm had operating lease expanses of 50 million last year and has a commitment to make equivalent payments for the next eight years. The firm reported capital expenditures of 30 million and depreciation of 50 million last year. However, the firm also made two acquisitions, one funded with cash for 50 million and another funded with a stock swap for 30 million. The amortisation of these acquisitions is already included in the current year's depreciation. The total working capital increased from 180 million at the start of the year to 200 million at the end of the year. However, the firm's cash balance was a significant portion of this working capital and increased from 80 million at the start of the year to 120 million at the end. The cash is invested in T-bills) The tax rate is 40 percent. The firm's pretax cost of debt is 6 percent and an equity risk premium is at 5 percent Estimate last year free cash flow to the firm. (25 marks)