Harvard Prep Shops, a national clothing chain,, had sales of $300 million last year. The business has a steady net profit margin of 10 percent and a dividend payout ratio of 35 percent. The balance sheet for the end of last year is shown below Balance Sheet Deceeber 31, 20xx ($ mi1lions) Liabilities and Shareholders Equity Assets Cash Account receivable Inventory $4 Accounts payable Accrued expenses 0ther payables 16 16 23 61 35 Comeon stork Plant and equipeent 120 Retained earnings 67 Total liabilities and equity Total assets $291 $201 Harvard's anticipates a large increase in the demand for tweed sport coats and deck shoes. A sales increase aof 20 percent is forecas All balance sheet items are expected to maintain the same percent-of-sales relationships as last year, except for common stock and retained earnings. No change in the number of common shares outstanding is scheduled, and retained earnings will change as dictated by the profits and dividend policy of the firm, a. Will external financing be required for the Prep Shop during the coming year? O Yes ONo b. What would the need for external financing be if the net profit margin went up to 15 percent and the dividend payout ratio was increased to 70 percent? (Enter the answer in millions. Round the final answer to 2 decimal places.) millign