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Miami Rivet had $12 million in net plant and equipment the prior year. Its net operating working capital has

remained constant over time. What is the company's free cash flow (FCF) for the year that just ended? Note that capital expenditures are equal to the change in net plant and equipment plus the annual depreciation expense.

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FCF = (EBIT x (1- tax rate) + Depreciation) -... View the full answer

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