Book value per share of common stock of a manufacturing company: Multiple Choice reflects the fair value of the company's stock. is the same as the total balance sheet asset value per share of common stock. is calculated by dividing market value per share by earnings per share. is not a very useful measure most of the time.

Quick computing currently sells 12 million computer chips each year at a price of $19 per chip. it is about to introduce a new chip, and it forecasts annual sales of 22 million of these improved chips at a price of $24 each. however, demand for the old chip will decrease, and sales of the old chip are expected to fall to 6 million per year. the old chips cost $10 each to manufacture, and the new ones will cost $14 each. what is the proper cash flow to use to evaluate the present value of the introduction of the new chip? (enter your answer in millions.)