You are collecting data on a candidate for your own personal equity investment, and have gathered the following:
EBIT: 155MM
Tax bracket: 35%
Depreciation: $27MM
increase in net working capital: $1.2MM
Fixed capital investment: $10MM
interest expense: $3MM
Total debt outstanding, previous period: $150MM
Total debt outstanding, current period: $200MM
The company's free cash flow to equity holders is closest to:
a. $164.60MM
b. 167.00MM
c. $168.50MM