\begin{tabular}{|c|c|c|c|} \hline Year & B & \begin{tabular}{c} C \\ 2022 \end{tabular} & \begin{tabular}{c} D \\ 2023 \end{tabular} \\ \hline Net sales & $20,613 & & \\ \hline \multicolumn{2}{|l|}{\begin{tabular}{l} Growth rate in net sales \\ Cost of goods soldet sales \end{tabular}} & 25.00% & \\ \hline Cost of goods soldet sales & & 86.0% & \\ \hline \multicolumn{2}{|l|}{ General, selling, and administrative expenseset sales } & 12.00% & \\ \hline \multirow{2}{*}{\begin{tabular}{l} Long-term debt \\ Current portion long-term debt \end{tabular}} & $760 & $660 & \\ \hline & $100 & $100 & \\ \hline & & 10.00% & \\ \hline Tax rate & & 25.00% & \\ \hline Dividend/earnings after tax & & 50.00% & \\ \hline Current assetset sales & & 29.00% & \\ \hline Net fixed assets & & $280 & \\ \hline Current liabilitieset sales & & 14.50% & \\ \hline Owners' equity & $1,730 & & \\ \hline \multicolumn{4}{|c|}{ INCOME STATEMENT } \\ \hline & Equations & Forecast & Forecast \\ \hline Year & 2022 & 2022 & 2023 \\ \hline Net sales & =B3+B3C4 & $25,766 & \\ \hline Cost of goods sold & =C5C19 & 22,159 & \\ \hline Gross profit & =C19C20 & 3,607 & \\ \hline General, selling, and administrative expenses & =C6C19 & 3,092 & \\ \hline \multirow{2}{*}{\begin{tabular}{l} Interest expense \\ Earnings before tax \end{tabular}} & =C9(C7+C8+C40) & 228 & \\ \hline & =C21C22C23 & 287 & \\ \hline Tax & =C10C24 & 72 & \\ \hline Earnings after tax & =C24C25 & 216 & \\ \hline Dividends paid & =C11C26 & 108 & \\ \hline Additions to retained earnings & =C26C27 & 108 & \\ \hline & & & \\ \hline Current assets & =C12C19 & 7,472 & \\ \hline Net fixed assets & =C13 & 280 & \\ \hline Total assets & =C31+C32 & 7,752 & \\ \hline Current liabilities & =C14C19 & 3,736 & \\ \hline Long-term debt & =C7 & 660 & \\ \hline Owner's equity & =B15+C28 & 1,838 & \\ \hline Total liabilities and owner's equity & =C35+C36+C37 & 6,234 & \\ \hline EXTERNAL FUNDING REQUIRED & =C33C38 & $1,518 & \\ \hline \end{tabular} Table 3.1 presents R\&E Supplies' financial statements for the period 2018 through 2021 , and Table 3.5 presents a pro forma financial forecast for 2022 . Use the information in these tables to answer the following questions. Calculate R\&E's sustainable growth rate in each year from 2019 through 2022. Assume the dividend payout ratio was the same in 2019 to 21 as forecasted in 2022 . Note: Round each step and the final answers to 1 decimal place