1. Aaron Brother has the following balance sheet:

Current assets	$7,000		A/P & Accruals	$1,500
Net Property & Plants	3,000		Notes Payables	2,000
Total Assets	$10,000		Common Stock	1,500
			Ret. Earnings	5,000
			Total Liab. + Equity	$10,000

Aaron Brother after-tax profit margin is 10 percent, and the company pays out 40 percent of its earnings as dividends. Its sales this year were $10,000; its assets were used to full capacity and the profit margin and payout ratio are expected to remain constant. The company plans to raise capital using short-term (3-months) loans (or Notes Payables). If sales is expected to grow by 45 percent, what will Aaron Brother's total liability to total assets ratio be after it has raised the necessary capital and financing it with Notes Payables? PLEASE SHOW WORK ON EXCEL!