24. Your company has the following balance sheet (in millions of dollars): * Current assets Net fixed assets $4.0 4.0 $0.8 1.0 0.2 1.5 Accounts payable Notes payable Accrued wages and takes Long-term debt Common equity Retained eamings Total liabilities and equty 3.0 $8.0 Total assets $8.0 You sve determined the follow ing facts: (1) last year's sales were $10 million; (2) the company will pay out 40 percent of earnings as dividends; (3) a profit margin of 3 percent is projected; (4) fixed assets were used to full capacity, and (5) all assets as well as spontaneous liabilities as shown on the balance sheet are expected to grow proportionally with sales. Further, your boss estimates she will need to raise $2 million externally by issuing new debt or common stock next year. If the above assumptions hold, what rate of sales growth is your boss expecting? O a. 12.50% O b. 15.25% O c. 18.00% O d. 31.96% O e. None of the above