Nvidia Corporation, a global technology company located in Santa Clara, California, reported the followinginformation in its 2016 financial statements ($ in millions):2016 2015Balance sheetsProperty, plant, and equipment (net) $ 466 $557Income statementNet sales for 2016 $5,010Required:1. Calculate the company’s 2016 fixed-asset turnover ratio.2. How would you interpret this ratio?

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