Nordquist Industries is forecasting the following income statement:

Sales	$16,000,000
Operating costs excluding depreciation	8,800,000
EBITDA	$ 7,200,000
Depreciation	1,000,000
EBIT	$ 6,200,000
Interest	1,000,000
EBT	$ 5,200,000
Taxes (45%)	2,340,000
Net income	$ 2,860,000

The CEO would like to see higher sales and a forecasted net income of $6,500,000. Assume that operating costs (excluding depreciation) are 55% of sales and that depreciation and interest expenses will increase by 20%. The tax rate will remain at 45%. What level of sales would generate $6,500,000 in net income?

	a.	$31,595,960
	b.	$20,040,000
	c.	$19,640,000
	d.	$35,959,596
	e.	$29,210,101