Question $14$

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fuestion

You are using the value$-$based management model. Based on the following data, what is the free cash flow for year $1?$

Year $1$:

Revenue: $665$

Fixed Costs: $80$

Variable costs: $250$

Additional investments in NWC: $5$

Additional investmentstin operating long$-$term assets: $80$

Depreciation: $75$

Corporate tax rate: $0\mathrm{.}40$

Select one:

a$.$ $$103$

b$.$ $$146$

c$.$ $$137$

d$.$ $$121$

e$.$ $$116$