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Fox Inc. had sales o f $ 6 , 0 0 0 , 0 0 0 i n 2 0 2 0 and a tax

Fox Inc. had sales of $6,000,000in2020 and a tax rate of30%. The cost of goods sold was 75%of sales and the firms SGA was 10%of sales (which includes depreciation). Fox had $2 million of debt with a coupon of5% and total assets of $4,500,000. The company has been paying out 45%of its net income for dividends. And Fox Inc plans to grow sales by15%in2021. Assuming the basic structure of earnings and the balance sheet with respect to sales remains the same.
What is the external funding need in2021?
Less than $200,000
Between $200,000 and $300,000
Between $300,000 and $400,000
Above $400,000

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