The company estimates that its assets must increase at the same rate as sales ($2 million), its spontaneous liabilities will increase at the same rate as sales ($2 million), its profit margin will be 5% and its payout ratio will be 60%. How large a sales increase can the company achieve without having to raise funds externally?

How large a sales increase can a company achieve without having to raise funds externally if, the company estimates that its assets must increase at the same rate as sales ($2 million), its spontaneous liabilities will increase at the same rate as sales ($2 million), its profit margin will be 5% and its payout ratio will be 60%?