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Sales for 2016 were $150,000 while net income for the year was $4,000. Upton paid dividends of $2,000 to common stockholders. The firm is NOT

Sales for 2016 were $150,000 while net income for the year was $4,000. Upton paid dividends of $2,000 to common stockholders. The firm is NOT operating at full capacity. Assume that all ratios remain constant.

a. if sales projected to increase by $ 20 percent, during 2017, use AFN equation to determine Upton's projected external capital requirements.

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