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Manpower, which provides nongovernment employment services in the United States, reported net income of $128 million in 1995. It had capital expenditures of $50 million and depreciation of $24 million in 1995, and its working capital was $500 million (on revenues of $5 billion). The firm has a debt ratio of 10 percent and plans to maintain this debt ratio.

a. Estimate how much Manpower will have available to pay out as dividends next year.

b. The current cash balance is $143 million. If Manpower is expected to pay $12 million in dividends next year and repurchase no stock, estimate the expected cash balance at the end of the next year.

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