Question $1$ Given the above projected financial statements for $2020$ and $2021,$ what's the estimated free

cash flow $($to firm$)$ for year $2021?$

$47\mathrm{.}40$

$-24$

$46\mathrm{.}40$

$2920202021$

Cash $$24\mathrm{.}00$ $$23\mathrm{.}00$

Marketable Securities $7984$

Accounts receivable $110116$

Inventories $220231$

Total current assets $433454$

Gross PPE $686739$

Accumulated Depreciation $345381$

Net PPE $341358$

Total assets $$774\mathrm{.}00$ $$812\mathrm{.}00$

Accounts payable $$23\mathrm{.}00$ $$23\mathrm{.}00$

Notes payable $160168$

Accruals $5558$

Total current liabilities $$238\mathrm{.}00$ $$249\mathrm{.}00$

Long$-$term bonds $160168$

Total liabilities $$398\mathrm{.}00$ $$417\mathrm{.}00$

Preferred stock $8084$

Common stock $200200$

Retained earnings $96111$

Common equity $$296\mathrm{.}00$ $$311\mathrm{.}00$

Total liabilities and equity $$774\mathrm{.}00$ $$812\mathrm{.}00$

$20202021$

Net Sales $$1,000$ $$1,100$

Costs except depreciation $911935$

Depreciation $3436$

EBIT $$55\mathrm{.}00$ $$129\mathrm{.}00$

Interest $1617$

EBT $$39\mathrm{.}00$ $$112\mathrm{.}00$

Taxes $(40\%)15\mathrm{.}644\mathrm{.}8$

NI Before Preferred Dividends $$23\mathrm{.}40$ $$67\mathrm{.}20$

Preferred Dividends $7\mathrm{.}48$

Net Income $$16\mathrm{.}00$ $$59\mathrm{.}20$

Given the above projected financial statements for $2020$ and $2021,$ what's the estimated free cash flow $($to firm$)$ for year $2021?$

Group of answer choices

$47\mathrm{.}40$

$-24$

$46\mathrm{.}40$

$29$