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8 (Bonus problem, 5 points). Maggie's Muffins, Inc., generated 7,000,000 in sales during 2016, and its year-end total assets were 4,000,000. Also, at year-end 2016,

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8 (Bonus problem, 5 points). Maggie's Muffins, Inc., generated 7,000,000 in sales during 2016, and its year-end total assets were 4,000,000. Also, at year-end 2016, current liabilities were 1,300,000, consisting of 500,000 of notes payable, 500,000of accounts payable, and 300,000 of accruals. Looking ahead to 2017, the company estimates that its assets must increase at the same rate as sales, its spontaneous liabilities will increase at the same rate as sales, its profit margin will be 6%, and its payout ratio will be 70%. How large a sales increase can the company achieve without having to raise funds externally

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