4. (25 points) Refer to Elizabeth River Shipping Co. (ERSC)'s financial statements. ERSC has hired new management! They want to implement a plan to grow all sales 20% next year. Assume that all ratios hold constant. Assume that ERSC pays out 25% of net income as dividends. a. Will ERSC require additional financing to support this expansion? How much, if any? b. ERSC's new CFO quit and the firm cannot raise additional funds in the near future. Without access to external capital, how much can ERSC's COO hope to increase sales? 4. (25 points) Refer to Elizabeth River Shipping Co. (ERSC)'s financial statements. ERSC has hired new management! They want to implement a plan to grow all sales 20% next year. Assume that all ratios hold constant. Assume that ERSC pays out 25% of net income as dividends. a. Will ERSC require additional financing to support this expansion? How much, if any? b. ERSC's new CFO quit and the firm cannot raise additional funds in the near future. Without access to external capital, how much can ERSC's COO hope to increase sales