Suppose New Balance had sales of $5,600 in 2023. You expect its sales to grow at 15% in 2023, but then you expect the growth rate to decline by 200 basis points per year until it reaches the long-run growth rate that is characteristic of the shoe industry, i.e., 5%, by 2028. Based on New Balance's past profitability and investment needs, you expect EBIT to be 16% of sales, increases in net working capital requirements to be 12% of any increase in sales, and capital expenditures to equal depreciation expenses. New Balance has $1,600 in cash, $2,800 in debt, 684 shares outstanding, a tax rate of 20%, and a weighted average cost of capital of 8%.