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You are trying estimate the free cash flow to the firm for FinTech, a technology firm. It reported $80m in earnings before interest and taxes, capital expenditures of $30m, and depreciation of 20m in the most recent year. There are 2 additional complications:• The firm had R&D expenses of $50m in the most recent year. You believe thata 3-year amortizable life is appropriate for this firm and the R&D expenses for the past three years have amounted to $20m (t = -3), $30m (t = -2) and $40m (t = -1) respectively.• The firm also made 2 acquisitions during the year – a cash-based acquisition for$45m and a stock-based acquisition for $35m. The amortization of these acquisitions is already included in the current year’s depreciation.If the firm has no working capital requirements and a tax rate of 40%, estimate the free cash flow to the firm in the most recent year.
 
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