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A company's sales in 2020 were $3.1 million and its total spontaneous assets were $5.9...

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A company's sales in 2020 were $3.1 million and its total spontaneous assets were $5.9 million. Also in the same year, the firm's spontaneous liabilities consisted of $9.9 million in wages payable, $4.3 million in accounts payable, and $6.2 million in accrued expenses. The firm's profit margin is 4.8% and its dividend payout ratio is 4.5%. The balance sheet at year-end is similar in percentage of sales to that of previous years and this will continue in the future. Required: What is the percentage increase in sales that the company must achieve in order to avoid raising funds externally? Note: The term "K" is used to represent thousands (* $1,000). % (ROUND YOUR ANSWER TO 2 DECIMAL PLACES. FOR EXAMPLE: 17.23)

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