(Financial forecasting) Sambonoza Enterprises projects its sales next year to be $8 million and expects to earn 4 percent of that amount after taxes. The firm is currently in the process of projecting its financing needs and has made the following assumptions (projections):

Current assets will equal 23 percent of sales, and fixed assets will remain at their current level of $1 million.

Common equity is currently $0.70 million, and the firm pays out half of its after-tax earnings in dividends.

The firm has short-term payables and trade credit that normally equal 11 percent of sales, and it has no long-term debt outstanding.

What are Sambonoza's financing needs for the coming year?

Sambonoza's financing needs for the coming year are $ million. (Round to two decimal places.) ANSWER: