Assets	Liabilities
Current Assets	Current Liabilities
Cash $4,000	Accts Payable $11,000
Accts Receivable $9,000	Total Current Liabilities $11,000
Inventories $27,000	Long Term Debt $250,000
	Stockholder's Equity
Total Current Assets $40,000	Common Stock Plus Add'l Paid in Capital $15,000
Net Plant and Equipment $290,000	Retained Earnings $54,000
Total Assets $330,000	Total Liabilities Plus Stockholder's Equity $330,000

Sales and costs are projected to grow at 20% a year for at least the next 4 years. Both current assets and accounts payable are projected to rise in proportion to sales. The firm is currently operating at 75% capacity, so it plans to increase fixed assets in proportion to sales. Interest expense will equal 10% of long-term debt outstanding at the start of the year. The firm will maintain a dividend payout ratio of 0.40. What is the required external financing over the next year? (Enter excess cash as a negative number with a minus sign.)

External Financing

$