The rate of return on invested capital (b.o.p.) after tax and after depreciation for 1995 is 15.0%.

This return is calculated as EBITDA less depreciation times one minus the tax rate divided by

beginning of period invested capital. Dividends for 1995 are $95. ABC incremented the level

of its short term debt by $300 in 1995. ABC repurchased $200 of its outstanding shares in

1995. Incremental investment in trade capital in 1995 was $145. In 1995, inventory turnover

was 4.0, the accounts receivable collection period was 40 days. The accounts receivable

collection period is calculated using 365 days in a year. In addition, inventory turnover and the

accounts receivable collection period use only the 1995 financial statements (i.e., not beginning

of period balance sheet amounts)