9) (10 pts) Tally World, Inc. sales are expected to increase by 25% from S12 million in 2015 to $15 million in 2016. Its assets totaled $6.5 million at the end of 2015. Tally World is already at full capacity, so its assets must grow at the same rate as projected sales. At the end of 2015, current liabilities were $2.3 million, consisting of $950,000 of accounts payable, S725,000 of notes payable, and S625,000 of accruals. The after-tax profit margin is forecasted to be 8%, and the forecasted payout ratio is 40%. Use the AFN equation to forecast Tally World's additional funds needed for the coming year. 10) (8 pts) Using the information provided in question 9 above, what is the maximum growth rate that can be attained without raising external funds, i.e., what is Tally World's self-supporting growth rate? 11) (10 pts) Projects S and L, whose cash flows are shown below, are mutually exclusive, equally risky, and not repeatable. Hooper Inc. is considering which of these two projects to undertake. Calculate the NPV and IRR for each project and explain which project should be undertaken based on your calculations. 10.25% WACC: Year CFS CFL -$2,050 -$4,300 $750 $1,500 S760 $1,518 S770 $1,536 S780 $1,554