Paladin Furnishings generated $$2$ million in sales during $2016,$ and its year$-$end total assets were $$1\mathrm{.}2$ million. Also, at year$-$end $2016,$ current liabilities were $$500,000,$ consisting of $$200,000$ of notes payable, $$200,000$ of accounts payable, and $$100,000$ of accrued liabilities. Looking ahead to $2017,$ the company estimates that its assets must increase by $$0\mathrm{.}60$ for every $$1\mathrm{.}00$ increase in sales. Paladin's profit margin is $4\%,$ and its retention ratio is $30\%.$ The data has been collected in the Microsoft Excel Online file below. Open the spreadsheet and perform the required analysis to answer the question below.

Sales increase

Sales $($S$0)$ $$2,000,000$

Rate of asset growth $60\mathrm{.}00\%$

Total assets A$*0$ $$1,200,000$

Profit margin $4\mathrm{.}00\%$

Retention ratio $30\mathrm{.}00\%$

Current liabilities L$*0$ $$500,000$

Notes payable $$200,000$

Accounts payable $$200,000$

Accrued liabilities $$100,000$

Formulas

Projected increase in assets $\backslash$times $($S$1-$ S$0)$ #N$/$A $\backslash$times $($S$1-$ S$0)$

Spontaneous increase in liabilities $\backslash$times $($S$1-$ S$0)$ #N$/$A $\backslash$times $($S$1-$ S$0)$

Increase in retained earnings $\backslash$times S$1$ #N$/$A $\backslash$times S$1$

Next Year's Sales $($S$1)=$ #N$/$A

Increase in Sales $=$ #N$/$A

How large of a sales increase can the company achieve without having to raise funds externally? Write out your answer completely. For example, $25$ million should be entered as $25,000,000.$ Do not round intermediate calculations. Round your answer to the nearest cent.

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