Coastal Carolina Heating and Cooling Inc has a 6 month backlog of orders for its patented solar heating system. To meet this demand, management plans to expand production capacity by 40% with a 55 milion investment in plant and machinery. The firm wants to maintain a 30% debt 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 mullion. How much externat equity must Coastal Corolina seek at the beginning of 2022 to expand capocity as desired? Assume that the firm uses only debt and common equity in its capital structure. White out your answer completely, for example, 25 miltion should be entered as 25,000,000. Round your answer to the nearest cent