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What is the free cash flow for this company: Net Income = $500mm Equity comp = $500mm Depreciation = $1BN Average cost of debt funding

What is the free cash flow for this company:

Net Income = $500mm

Equity comp = $500mm

Depreciation = $1BN

Average cost of debt funding = 10%

Average book value of debt = $45BN

Tax expense = $100mm

Increase in accounts payable = $500mm

Increase in inventory = $1BN

Decrease in accounts receivable = $1BN

Net unrealized gain $1BN

This company is a bank and accounting rules require it to include certain unrealized gains and losses in net income

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