3 million is not the answer. A chegg expert answered with 3 million but 3 million IS NOT the correct answer. I will leave an upvote for correct answers.

Coastal Carolina theating and Cooling Inc; has a 6 month bocklog of orders for its potented solar heating system. To meet this dernand, manayement plans to expand production capacity by 40% with a 55 million unvestment in plant and machinery. The firm wants to maintain a 30% debe level in its capital structure. It also wants to maintain its past dividend policy of distributing 60% of last year's net income. In 2021 , net income was $5 million. How much external equity must Coastal Carolina seek at the beginning of 2022 to expand capacity as desired? Assume that the firm uses only debt and common equity in is capital structure. Write out your answer completely. for example, 25 million should be entered as 25,000,000. Round your answer to the nearest cent