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The financial planning committee of Nickel News, Co. hasprojected a Growth Rate of 8% for both Sales and Operating Costsfor the upcoming year. No external capital will be required, andcurrently prevailing Interest Rates and Tax Rates are not expectedto change.Nickel News CompanyIncome StatementFor the (Current)Year Ended ________________Sales …..................................................... $240,000,000Operating Costs …....................................113,000,000Operating Income …................................ $127,000,000Interest Expense …..................................27,000,000Pre-Tax Income …................................... $100,000,000Income Taxes ….......................................33,000,000Net Income …........................................... $67,000,000Preferred Stock Dividends for the current year totaled $10,000,000. Common Stock Dividends for the current year totaled $16,000,000. If management is expected to give Common Stockholdersan 8% increase in Dividends Per Share, calculate the rate at whichRetained Earnings will grow for the upcoming year.