Self$-$Supporting Growth Rate

Maggie's Muffins Bakery generated $$4$ million in sales during $2023,$ and its pear$-$end operating assets were $$2\mathrm{.}6$ million. Also, at year$-$end $2023,$ current liabilities were $$1$ milion, consisting of $$300,000$ of notes payable, $$500,000$ of accounts parable, and $$200,000$ of accruals. Looking ahead to $2024,$ the company estimates that its operating assets must increase at the same rate as sales, its spontaneous liablities will increase at the same rate as sales, its profit margin wall be $4\%,$ and its payout ratio will be $40\%.$ How large a sales increase can the company achieve without having to raise funds externally$-$that is$,$ what is its self$-$supporting growth rate? De not round intermediate calculations. Enter your answer for salee ferease in dollars, For examyth, an answer of $12$ milion should be entered as $2,000,000.$ Round the monetary value to the nearest dollar and percentape value to one decimal place.

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