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    Little Books Inc. recently reported net income of $3 million. Its operating income
    Income Statement (EBIT) was $6 million, and the company pays a 40 percent tax rate. What was the company's interest expense for the year? [Hint: Divide $3 million by (1 - T) = 0.6 to find taxable income.]

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    Solution Summary

    This job explores taxable income.