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Kenney Corp. recently reported the following income statement for 20x1 (the numbers are in millions of dollars):
Sales: $7,000;
O&M: $3,000;
EBIT: $4,000;
Interest: $200;
EBT: $3,800;
Taxes 40%: 1,520;
Net income available to common shareholders: $2,280.
The company forecasts that its sales will increase by 10% in 20x2 and its O&M will increase in proportion to its sales. The company's interest expense is expected to remain at $200 million and the tax rate will remain at 40%. The company plans to pay out 50% of its net income as dividends, the other 50% will be added to retained earnings.
Problem 1: What is the forecasted addition to retained earnings for 20x2 (in millions)?
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