Owen's Electronics has nine operating plants in seven southwestern states. Sales for last year were $100 million, and the balance sheet at year-end is similar in percentage of sales to that of previous years (and this will continue in the future). All assets (including fixed assets) and current liabilities will vary directly with sales. The firm is working at full capacity.

Balance Sheet

(in $ millions)AssetsLiabilities and Stockholders' EquityCash$7Accounts payable$20Accounts receivable25Accrued wages7Inventory28Accrued taxes13Current assets$60Current liabilities$40Fixed assets45Notes payable15Common stock20Retained earnings30Total assets$105Total liabilities and stockholders' equity$105

Owen's has an aftertax profit margin of 10 percent and a dividend payout ratio of 45 percent.

If sales grow by 20 percent next year, determine how many dollars of new funds are needed to finance the growth.