Below is financial informantion for the TeleInfo Inc. in 2019. The company expects to experience sales growth in 2020 of 20%. Dividends of $36,000 were paid in 2019. The assumptions for this question are as follows: (I) All the costs on TeleInfo's income statement vary directly with sales (II) TeleInfo's total assets balance varies directly with sales (III) The average tax rate is constant (IV) Dividend payout ratio is constant (V) No stocks will be issued or repurchased 1) What is the internal growth rate? 2) Given your calculated internal growth rate and the projected growth rate 20% will will the company need external borrowings in 2020? 3) What is the sustainable growth rate? 4) If the company grows at the sustainable growth rate how does the debt to equity ratio change? 5) Based on the 2020 growth assumptions, how much external financing will be needed? 2019 600,000 Sales $ Total Assets $ COGS Other expenses 2019 525,000 290,000 115,000 120,000 30,000 90,000 240,000 Taxable income Taxes @ 25% Net Income Debt Shareholders Equity Total Liabilities/Equity 360,000 600,000 $ $