PCT Industries has a 6-month backlog of orders for its patented solar heating system. To meet this demand, management plans to expand production capacity by 70% with a $40 million investment in plant and machinery. The firm wants to maintain a 55% debt level in its capital structure. It also wants to maintain its past dividend policy of distributing 60% of last years net income. In 2016, net income was $15 million. How much external equity must PCT Industries seek at the beginning of 2017 to expand capacity as desired? Assume that the firm uses only debt and common equity in its capital structure. show work and explain