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This year, DaFirm's EBITDA is $ 4 0 million and its profits are taxed at 2 1 % . DaFirm is in a steady state,

This year, DaFirm's EBITDA is $

40

million and its profits are taxed at

21 % .

DaFirm is in a steady state, so that its annual capital expenditures of $

10

million always just replaces the depreciated capital and its net working capital always remains at $

5

million. What is DaFirm's free cash flow for this year?

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