Chua Chang & Wu Inc. is planning its operations for next year, and the CEO wants you to forecast the firm's additional funds needed (AFN). Data for use in your forecast are shown below. Based on the AFN equation, what is the AFN for the coming year? Last year's sales = So $200,000 Last year's accounts payable Last year's notes payable Last year's accruals Target payout ratio $50,000 $15,000 $20,000 25.0% $127,500 20.0% Sales growth rate=g Last year's total assets A0 Last year's profit margin = PM a. -$21,280 O b. -$20,520 O C. $19,000 O d. -$23,180 O e. -$14,820 Last year Jain Technologies had $250 million of sales and $100 million of fixed assets, so its Fixed Assets/Sales ratio was 40%. However, its fixed assets were used at only 40% of capacity. Now the company is developing its financial forecast for the coming year. As part of that process, the company wants to set its target Fixed Assets/Sales ratio at the level, it would have had, had it been operating at full capacity. What target Fixed Assets/Sales ratio should the company set? a. 16.0% b. 15.4% c. 14.2% d. 19.0% e. 14.6%