Maggie's Muffins Bakery generated $2 million in sales during 2018, and its year-end total assets were $1.4 million. Also, at year-end 2018, current liabilities were $1 million, consisting of $300,000 of notes payable, $500,000 of accounts payable, and $200,000 of accruals. Looking ahead to 2019, the company estimates that its assets must increase at the same rate as sales, its spontaneous liabilities will increase at the same rate as sales, its profit margin will be 3%, and its payout ratio will be 40%. How large a sales increase can the company achieve without having to raise funds externallythat is, what is its self-supporting growth rate? Do not round intermediate calculations. Round the monetary value to the nearest dollar and percentage value to the nearest whole number.

When i did the math I got the growth rate to be 4.167% but it would only take 5% as the correct answer. For my math I keep getting the sales to increase $83,333.33. I do not know what I am doing wrong.

Sales Increase Maggie's Muffins Bakery generated $2 million in sales during 2018, and its year-end total assets were $1.4 million. Also, at year-end 2018, current liabilities were $1 million, consisting of $300,000 of notes payable, $500,000 of accounts payable, and $200,000 of accruals. Looking ahead to 2019, the company estimates that its assets must increase at the same rate as sales its spontaneous liabilities will increase at the same rate as sales its profit margin will e 3 and ts ayout rati vil be ow age a sales increase can the company achieve without having to raise funds externally-that is, what is its self-supporting growth rate? Do not round intermediate calculations Round the monetary value to the nearest dollar and percentage value to the nearest whole number. Sales can increase by $ , that is by