Big Test Inc. had sales last year of $100mm. Sales are expected to grow 20% next year. To support the new sales level, the production manager has indicated that fixed assets will need to increase by $30mm. Last year's balance sheet showed the following: o Current assets = $20mm o Fixed assets = $90mm o Accounts Payable = $10mm o Notes Payable = $20mm o Long-term Liabilities = $30mm o Common Stock = $20mm o Retained Earnings = $30mm Assuming net margin will be 9% and that the dividend payout ratio will be 40%, what is the firm's DFN? BEWARE OF THE CHANGE IN ASSUMPTIONS FROM PREVIOUS PROBLEM! (Note: use the standard assumptions from lecture) $25.52mm $27.68mm $26.96mm $29.60mm