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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

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

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