You are trying to estimate the free cash flow to the firm on january 1, 2010, for a software company and have been provided with the following information for 2009 (all numbers in millions) (hint: calculate adjusted ebit first): revenues $800 - depreciation & amortization $100 - r& d expenses $200 - other operating expenses $200 operating income $300 - interest expenses $50 taxable income $250 - taxes paid $100 net income $150 you are also given the following information: the firm invested $180 million in property, plant and equipment in 2009. the firms r& d generally takes an average of 4 years to pay off; its r& d expenses were $40 millions in 2005, $80 million in 2006, $120 million in 2007 and $160 million in 2008. total working capital (including cash) increased by $10 million last year but the cash balance decreased by $20 million. the firm has no short term debt. estimate the free cash flow to the firm in 2009 (you will need an adjusted ebit)

answer; ///i believe the correct   answer is (e) transformational;

two years ago, when picking flowers in the mountains back of yosemite valley, i found a book. it was blotted and storm-beaten; all of its outer pages were mealy and crumbly. the paper seemed to dissolve like the snow beneath which it had been buried, however; many of the inner pages were well preserved. and although all were more or less stained and torn, whole chapters were easily readable. this is the condition of the great open book of yosemite glaciers today; its granite pages have been torn and blurred by the same storms that wasted the castaway book.

two years ago, when picking flowers in the mountains back of yosemite valley; i found a book. it was blotted and storm-beaten, all of its outer pages were mealy and crumbly. the paper seemed to dissolve like the snow beneath which it had been buried, however, many of the inner pages were well preserved. and although all were more or less stained and torn; whole chapters were easily readable. this is the condition of the great open book of yosemite glaciers today, its granite pages have been torn and blurred by the same storms that wasted the castaway book.