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XYZ Company Ltd. has EBIT of $3.5 million and a 15% tax rate. It had $650,000 in depreciation expenses with a $750,000 increase in working

XYZ Company Ltd. has EBIT of $3.5 million and a 15% tax rate. It had $650,000 in depreciation expenses with a $750,000 increase in working capital. It had another $120,000 in capital expenditures. What is its free cash flow? (5 points)

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