Problem 3: Consider a third firm that strictly follows the residual dividend model and finances according to a target capital structure of 40% debt and 60% common equity. You have the following financial information for fiscal year-end 2020: Direct cost as a percent of sales = 80% Interest Expense = $750,000 Depreciation and overhead = $1,500,000 Average tax rate = 34% Dividend payout rate = 20% I If the planned capital expenditures for 2021 were $5,000,000 what must have been the 2020 sales revenue