Consider a firm that strictly follows the residual dividend model and finances according to a target capital structure of 30% debt and 70% common equity. You have the following financial information for fiscal year-end 2016: Direct cost as a percent of sales = 65% Interest Expense = $750,000 Depreciation and overhead = $1, 500,000 Average tax rate = 32% Dividend payout rate = 25% If the planned capital expenditures for 2017 were $5,000,000 what must have been 2016 sales revenue