Common equity on the firm balance sheet

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Precious Metal Mining has $5 million in sales, its ROE is 12%, and its total assets turnover is 4x. Common equity on the firm’s balance sheet is 55% of its total assets. What is its net income? Write out your answer completely. For example, 5 million should be entered as 5,000,000. Round your answer to the nearest cent. Do not round intermediate steps.

Reference no: EM131449469

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