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Twine Enterprises reported sales of 3 million and net income of 400000 for 2010. The retained earnins balance at the end of 2010 is 7 million. Twine enterprises has a dividend payout ratio of 30%. If sales are expected to increase by 25% next year, what will be the projected balance in retained earnings using the percent of sales method?

A)8.75 million
B)7.28 million
C)7.35 million
D)6.72 million

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