14. Thie mese A nax R nnfino Ine has the followino halance sheet (in millions of dollars): rvia asocs Apex net sales this year were $10 million, and Apex estimates it will need to raise a total of $500,000 in new debt and equity next year. You have identified the following facts for next year; (1) it pays out 35 percent of eamings as cash dividends; (2) a profit margin of 3 percent is projected; (3) Net property \& plant were used to full capacity; and (4) assets and spontaneous liabilities as shown on this year balance sheet are expected to grow proportionally with sales. If the above assumptions hold, what expected sales growth rate is the firm anticipating next year? (4.5 points)