Refer to the table containing a company's financial statements below:

Year ending 30-Jun-18 Number of shares on issue 4,320,601 Cash $6,105,465 Company tax rate 30.00% Other assets $87,554,597 Weighted average cost of capital 11.44% per annum Debt and liabilities $32,190,949 Growth rate in FCFs from 2022 5.48% per annum Equity (book value) $61,469,113 Growth Year ending 30-Jun-18 rate 30-Jun-19 30-Jun-20 30-Jun-21 30-Jun-22 Sales revenue $78,528,535 3.20% $81,041,448 $83,634,774 $86,311,087 $89,073,042 Operating expenses $45,500,703 2.70% $46,729,222 $47,990,911 $49,286,666 $50,617,406 Depreciation $22,321,855 4.10% $23,237,051 $24,189,770 $25,181,551 $26,213,994 EBIT $10,705,977 $11,075,175 $11,454,093 $11,842,871 $12,241,642 Interest paid $3,908,199 7.30% $4,193,498 $4,499,623 $4,828,095 $5,180,546 Tax payable $2,039,333 $2,064,503 $2,086,341 $2,104,433 $2,118,329 Net income $4,758,445 $4,817,174 $4,868,129 $4,910,343 $4,942,767 Capital expenditure $16,170,094 6.00% $17,140,300 $18,168,718 $19,258,841 $20,414,371 Increase in working capital $2,551,414 2.50% $2,615,199 $2,680,579 $2,747,594 $2,816,284