ABC Co. has the following information available: Year 2021: Sales S = $20 M, Assets A* = $15 M, N/P = $6 M, A/P = $2 M, Accruals = $1 M; Profit margin PM = 5%, AFN = $0.21 M Year 2021: with the secured external funding of $0.21 M, the projected sales Snew = $22

Question: what payout ratio ABC can implement given the projected sales with the support of secured AFN? A. 10% B. 90% C. None of the others is correct D. 50% E. 0%