ABC Corp. plans to expand its production capacity by 40% with a $15 million investment in plants and equipment. The firm wants to maintain a 45% debt-to-asset ratio (Debt is 45% ) and its dividend policy of distributing 40% of the previous year's net income at the beginning of each year. In 2022, net income was $8 million. How much external equity must ABC seek at the beginning of 2023 , assuming that the firm uses only debt and common equity in its capital structure? \$3.45 million $0 $7.00 million $8.25 million