The earnings before interests and taxes are reported as $500 million. The interest expenses are $0. The tax rate is 30%, the capital expenditures are $250 million, depreciation is $300

million, and the non-cash working capital decreased by $150 million. If the firm issued $100 million of new debt and repaid $200 million of existing debt, what is the free cash flow to the

equity holders of the firm?

A) $408 million

B) $426 million

C) $450 million

D) $529 million