Prepare a paper analyzing Apple Inc. growth challenges and making appropriate recommendations:

Calculate the companys sustainable growth rate for 2020,2021, and 2022. Compare the calculated sustainable growth rate to the companys actual growth rate in sales during this period.

Create a table showing the companys actual growth rates, the sustainable growth rates you calculated, and the four components of sustainable growth: profit margin, retention ratio, asset turnover, and financial leverage (assets/equity).

Describe what growth challenge the company is currently facing.

Analyze what actions the company has taken to deal with their particular growth challenge. Analysis should be based on changes in the components of sustainable growth, on the actions reported by executives in annual reports, and on any other commentary you discover through your research.

Make a series of specific recommendations on what actions the company could take in the future to address its growth challenges.

Ratios	2022	2021	2020
Return on Assets%	28.36	28.06	17.33
Return on Equity%	175.46	147.44	73.69
Gross/Profit Margin%	43.31	41.78	38.23
Days Inventory	9.41	9.12	8.79
Days Payables	97.05	83.17	95.29
Price-to-Earnings ratio	22.3x	26.9x	33.9x
Total Asset Turnover	1.12	1.08	.83
Return on Invested Capital	55.72	51.70	30.11
Receivables Turnover	14.48	17.26	14.06
Financial Leverage (Debt/Equity)	6.96	5.56	4.96