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 6% and that the retention ratio will be 25%, what is the forcast level of Retained Earnings for next year? (Note: use the standard assumptions from lecture) $34.8mm $33.6mm $31.8mm $37.2mm