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Listed below is the income statement for Tom and Sue Travels, Incorporated. TOM AND SUE TRAVELS, INCORPORATED Income Statement for Year End ( in millions

Listed below is the income statement for Tom and Sue Travels, Incorporated.
TOM AND SUE TRAVELS, INCORPORATED
Income Statement for Year End
(in millions of dollars)
Net sales $ 19.200
Less: Cost of goods sold 8.800
Gross profits $ 10.400
Less: Other operating expenses 4.050
Earnings before interest, taxes, depreciation, and amortization (EBITDA) $ 6.350
Less: Depreciation 3.600
Earnings before interest and taxes (EBIT) $ 2.750
Less: Interest 0.830
Earnings before taxes (EBT) $ 1.920
Less: Taxes 0.403
Net income $ 1.517
The CEO of Tom and Sues wants the company to earn a net income of $3.100 million. Cost of goods sold is expected to be 60 percent of net sales, depreciation and other operating expenses are not expected to change, interest expense is expected to increase to $1.296 million, and the firms tax rate will be 21 percent. Calculate the net sales needed to produce net income of $3.100 million.
Note: Enter your answer in millions of dollars rounded to 3 decimal places. (i.e., Enter 5,500,000 as 5.500.)

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