Apple Inc. reported the following amounts (in U.S. $ millions) in its financial statements:

(a) Based on the change in Apple's cash flows between 2014 and 2015, which phase of its corporate life cycle do you think the company is most likely in?
(b) Calculate the company's free cash flow for each of 2015 and 2014.
(c) If you were a shareholder of the company, would you be pleased with the answer calculated in part (b)? Why or why not?
(d) Why do you think the amount of dividends paid is greater than the amount of capital expenditures in 2014?

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2015 2014 Cash provided by operating activities $81,266 $59,713 Cash used by investing activities (56,274) (22,579) Cash used by financing activities(17,716) (37,549) 11,831 9,571 11,561 11,126 Capital expenditures Dividends paid