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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 $ 19.600
Less: Cost of goods sold 9.000
Gross profits $ 10.600
Less: Other operating expenses 4.150
Earnings before interest, taxes, depreciation, and amortization (EBITDA) $ 6.450
Less: Depreciation 3.800
Earnings before interest and taxes (EBIT) $ 2.650
Less: Interest 0.840
Earnings before taxes (EBT) $ 1.810
Less: Taxes 0.380
Net income $ 1.430
The CEO of Tom and Sues wants the company to earn a net income of $3.200 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 $1.306 million, and the firms tax rate will be 21 percent. Calculate the net sales needed to produce net income of $3.200 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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