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Markets has sales of $848,600, net income ratio (net profit margin) of 11.08 percent, dividends payout ratio of 30 percent, total assets of $913,600, and

Markets has sales of $848,600, net income ratio (net profit margin) of 11.08 percent, dividends payout ratio of 30 percent, total assets of $913,600, and current liabilities of $78,900. Assume that all costs, assets, and current liabilities change spontaneously with sales. The tax rate and dividend payout ratios remain constant. If the firm's managers project sales to grow by $127,290, that is, sales next year will be $975,890, what will be the amount of external financing needed (EFN) to support this level of growth? Assume the firm is currently operating at full capacity. Choose closest answer if necessary.

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