Ivan Industries, Inc (I3 ) has $220,000 in net income for the current fiscal year, 130,000 in current liabilities and total assets of $800,000. I3 pays 60% of its net income out in dividends. I3 ’s current ratio (CA/CL) is 2.0 and has long-term liabilities (debt) of $200,000. Sales and net income are expected to grow indefinitely at the sustainable growth rate (ROE x (1- payout ratio)). Current assets and current liabilities are expected to vary with sales, but net fixed assets, long-term liabilities and owner’s equity do not vary with sales. What is I3 ’s net new external financing needed?