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Garza & Gray Realty has sales of $68,900, dividends of $1,960, and net income of...

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Finance

Garza & Gray Realty has sales of $68,900, dividends of $1,960, and net income of $4,900. The firm is expecting sales to decrease by 3 percent next year while the net profit margin remains constant. The firm wants to increase the dividend payout ratio by a fixed 2.5 percent. What is the projected increase in retained earnings for next year?

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