Johnson & Johnson would like to grow by 16% next year. Assets and costs are expected to grow proportionate to sales, but debt and equity will not. The dividend payout ratio will remain the same as the current year. The following information has been collected. What is external financing needed?

Sales 100,000

Costs 70,000

Dividends 9,000

Assets 350,000

Debt 200,000

Equity 150,000

Tax rate 21%