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A company had $500,000 of sales for the year just ended and is projecting sales of $600,000 for the coming year. For every $1 increase in sales, 38 cents of additional financing is required for the purchase of additional assets. The projected profit margin is 20%, and 60% of profits will be retained for reinvestment in the company. The amount of additional external financing needed by the company in the coming year is A. $0 B. $38,000 C. $86,000 D. $110,000 |