A firm's cash flow from operations is $29 million, depreciation is $4 million, its investments in fixed capital totals $11 million, its after-tax interest totals $3 million and its investment in working capital totals $4 million. during the year the firm borrowed $5 million. the tax rate is 40%. what is its free cash flow to equity?
a. $23.00 million
b. $31.00 million
c. $23.00 million
d. $32.20 million