Pharoah Micro Brewers generated revenues of $12,184,000 with a 70 percent capital intensity ratio during the year ended September 30, 2017. Its net income was $852,880. With the introduction of a half dozen new specialty beers, management expects to grow sales by 15 percent next year. Assume that all costs vary directly with sales and that the firm maintains a dividend payout ratio of 70 percent. What will be the EFN needed by this firm?

EFN	$enter the external financing needed in dollars

If the company wants to raise no more than $750,000 externally and is not averse to adjusting its dividend payout policy, what will be the new dividend payout ratio? (Round answer to 2 decimal places, e.g. 5.27%.)

Dividend payout ratio

enter the dividend payout ratio in percentages rounded to 2 decimal places %