A firm generated $220 million in free cash flow. It paid out $35 million in dividends and there were no share issues or repurchases. It incurred $6 million in net interest expense (after tax). The boss wants to know what happened to the amount left over. Your answer is:

a. Impossible to track it.

b. It must have been spent on paying down debt or invested in interest-bearing debt.

c. It has been invested back into the business operations.

d. Most likely some combination of (b) and (c).