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Last year Curative Technologies Inc. reported earnings after-tax of $23 million. Included in the expenses were depreciation of $4.7 million and interest expenses of $2.9 million. The year-end balance sheets shows an increase in deferred taxes of $2.6 million to a total of $14.2 million. What is Curative Technologies' after-tax cash flow for last year? Assume a marginal tax rate of 40%.

$20.1 million

$32.2 million

$31.3 million

$26.4 million

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