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2 4 . Song Instrumentation currently has annual sales of $ 3 8 7 , 0 0 0 and is operating at 8 8 percent

24. Song Instrumentation currently has annual sales of $387,000 and is operating at 88 percent of capacity. The net profit margin of 5.5 percent and the dividend payout ratio of 30 percent are projected to remain constant. What is the projected addition to retained earnings for next year based on a sales growth rate of 4.8 percent?

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