Consider the following information for the percentage of sales approach: Sales =$3M,NI=$0.6M, Retention ratio =0.75 Total Asset =$4M Current Liability $0.2M Long-term debt =$1M Equity =$2.8M If sales increase by 20% (and NI, assets, and CL increase at the same rate), calculate the external financing needed. 0.220 0.723 0.555 0.890 0.388