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In​ 2011, a firm has receipts of ​$88 million and expenses​ (excluding depreciation) of ​$44 million. Its depreciation for 2011 amounts to ​$22 million. If the effective income tax rate is 4040​%, what is this​ firm's net operating income after taxes​ (NOPAT)?

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Answer

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Step-by-step explanation:

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