Morgan Inc. had sales last year of $2,000,000. Sales are expected to grow 25% in the coming year. Morgan requires additional assets (receivables, inventories, and fixed assets) equal to 60% of the increase in sales. Short-term liabilities (accounts payable and other accruals) will increase by 10% of the sales increase. The net profit margin is 8%, and Morgan plans to pay a $50,000 cash dividend next year. What is the (external) additional financing needed (AFN)? (Enter your answer in dollars and cents).