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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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The answer and procedures of the exercise are attached in the following archives.

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You will find the procedures, formulas or necessary explanations in the archive attached below. If you have any question ask and I will aclare your doubts kindly.  

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