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In your internship with Lewis, Lee, & Taylor Inc, you have been asked to forecast the firm's additional funds needed (AFN) for next year. The

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In your internship with Lewis, Lee, & Taylor Inc, you have been asked to forecast the firm's additional funds needed (AFN) for next year. The firm is operating at full capacity. Data for use in your forecast are shown below. What is the maximum growth rate in sales the firm could achieve if it had no access to external capital? Last year's sales - S0 $200,000 Last year's accounts payable $50,000 Sales growth rate 8 30% Last year's notes payable $15,000 Last year's total assets - A0 $135,000 Last year's accruals $30,000 Last year's profit margin - PM 25.0% Target retention ratio 30.0%

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