You are an equity analyst newly examining the financials of Titan Carpet Cleaners,

and are examining measures of cash flow. The tax rate for the firm is $35\%,$ and the

Payout Ratio is $15\%.$ You would like to determine several measures of income and ct

flow for fiscal year $2023.$ There are no sales of PP&E in the current year. Using the

table below, what is the Free Cash Flow to Equity?