Upton Computers makes bulk purchases of small computers, stocks them in conveniently located warehouses, ships them to its chain of retail stores, and has a staff to advise customers and help them set up their new computers. Upton's balance sheet as of December 31, 2019, is shown here (millions of dollars):

Cash$3.5 Accounts payable$9.0 Receivables26.0 Notes payable18.0 Inventories58.0 Line of credit0 Total current assets$87.5 Accruals 8.5 Net fixed assets35.0 Total current liabilities$35.5 Mortgage loan6.0 Common stock15.0 Retained earnings66.0 Total assets$122.5 Total liabilities and equity$122.5

Sales for 2019 were $250 million and net income for the year was $7.5 million, so the firm's profit margin was 3.0%. Upton paid dividends of $3 million to common stockholders, so its payout ratio was 40%. Its tax rate was 25%, and it operated at full capacity. Assume that all assets/sales ratios, (spontaneous liabilities)/sales ratios, the profit margin, and the payout ratio remain constant in 2020. Do not round intermediate calculations.

• If sales are projected to increase by $60 million, or 24%, during 2020, use the AFN equation to determine Upton's projected external capital requirements. Enter your answers in millions. For example, an answer of $10,550,000 should be entered as 10.55. Round your answer to two decimal places.

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• Using the AFN equation, determine Upton's self-supporting growth rate. That is, what is the maximum growth rate the firm can achieve without having to employ nonspontaneous external funds? Round your answer to two decimal places.

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