Chartered Financial Analyst Level 2
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An analyst gathers the following information (in $ millions) about Apex Inc. and three competitors:
| Company | Revenue | EBIT |
|---|---|---|
| Apex Inc. | 200 | 20 |
| Competitor 1 | 500 | 150 |
| Competitor 2 | 370 | 120 |
| Competitor 3 | 450 | 100 |
Apex management has decided to undertake a cost restructuring plan. To reach its peer median EBIT margin level, the amount of operating cost savings (in $ millions) Apex must achieve is closest to: