?

The following information is available for Armstrong Enterprises
for 2012:


























Net operating profit (income) after taxes $36,000,000
Depreciation expense 15,000,000
Change in net working capital 10,000,000
Capital expenditures 12,000,000
Invested capital (total assets – current liabilities) 100,000,000
Weighted-average cost of capital 10%

What is the free cash flow for 2012?