Question: Upton Computer's sales for 2019 were $360 million and net income for the year was $18 million, so the firm's profit margin was 5.0%.

Upton Computer's sales for 2019 were $360 million and net income for

Upton Computer's sales for 2019 were $360 million and net income for the year was $18 million, so the firm's profit margin was 5.0%. Upton paid dividends of $9 million to common stockholders, so its payout ratio was 50%. Assume Upton's profit margin and dividend payout ratio will be the same in 2020 as they were in 2019. If sales are projected to increase by $70 million in 2020, what is Upton's projected dividend payment in 2020? $8.48 million $10 million $10.75 million $13.22 million $14.29 million

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