Please answer question # 10 below only. Please show all work and steps by hand (not in excel format). I have provided question # 9 as well since the question I need help with advises to reference information in # 9 - that one doesn't need answered, just # 10. Thank you!

10) (8 pts) Using the information provided in question 9 below, what is the maximum growth rate that can be attained without raising external funds, i.e., what is TallyWorlds self-supporting growth rate?

9) (10 pts) TallyWorld, Inc. sales are expected to increase by 25% from $12 million in 2015 to $15 million in 2016. Its assets totaled $6.5 million at the end of 2015. TallyWorld is already at full capacity, so its assets must grow at the same rate as projected sales. At the end of 2015, current liabilities were $2.3 million, consisting of $950,000 of accounts payable, $725,000 of notes payable, and $625,000 of accruals. The after-tax profit margin is forecasted to be 8%, and the forecasted payout ratio is 40%. Use the AFN equation to forecast TallyWorlds additional funds needed for the coming year. (THIS IS JUST FOR REFERENCE WHILE ANSWERING #10 - THE ANSWER I GOT FOR THIS ONE IS AFN = $511,250 IF THAT'S NEEDED)