Assignment 3: Chapter 17 End-of-Chapter Problems Back to Assignment Attempts \begin{tabular}{|l|l|l|} \hline 0 & 0 & \\ \hline \end{tabular} Keep the Highest 0/10 8. Problem 17.09 (Sales Increase) Paladin Furnishings generated \$4 million in sales during 2021, and its year-end total assets were \$2.8 million. Also, at year-end 2021, current liabilities were $500,000, 00 isisting of $200,000 of notes payable, $200,000 of accounts payable, and $100,000 of accrued llabilitles. Looking ahead to 2022, the company estimates that its assets must increase by $0.70 for every $1.00 increase in sales. Paladin's profit margin is 5%, and its retention ratio is 40%. How large of a sales increase can the company achleve without having to raise funds extemally? Write out your answer completely. For example, 25mill on should be entered as 25,000,000. Do not round intermedlate calculations. Round your answer to the nearest cent