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The National Cement Company was established in 1978 under with a vision to create new avenues for industry using local resources and raw materials. Accordingly,
- The National Cement Company was established in 1978 under with a vision to create new avenues for industry using local resources and raw materials.
- Accordingly, the National Cement Co. was set up to produce the base material to fuel the anticipated construction boom in the UAE and the region.
- The company primarily servers the UAE and GCC markets with an array of branded cement products.
- Today, with an annual production capacity of more than 22 million tons of cement, the National Cement Co. is one of the largest cement manufacturers in the UAE.
- The National Cement Company has recently reported $2.7 million of net income.
- The firms operating income is $6.2 million, and the applicable tax rate is 40%.
Calculate the amount of interest expensethat has to be paid by the National Cement Company.
Show your steps on the financial statement and include all workings. (2 points)
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