Income Statement		Balance Sheet
Sales	$23,500	Assets	$116,000	Debt	$35,600
Costs	16,500			Equity	80,400
Taxable income	$7,000	Total	$116,000	Total	$116,000
Taxes (23%)	1,610
Net income	$5,390

Assets and costs are proportional to sales. Debt and equity are not. A dividend of $1,600 was paid, and the company wishes to maintain a constant payout ratio. Next year's sales are projected to be $28,300.

What is the external financing needed?