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The most recent financial statements for Summer Tyme, Inc., are shown here: Income Statement Balance Sheet Sales $3,500 Current assets $3,600 Current liabilities $930 Costs 2,100 Fixed assets 5,600 Long-term debt 3,510 Taxable income $1,400 Equity 4,760 Taxes (33%) 462 Total $9,200 Total $9,200 Net income $938

Assets, costs, and current liabilities are proportional to sales. Long-term debt and equity are not.

The company maintains a constant 50 percent dividend payout ratio.

As with every other firm in its industry, next year's sales are projected to increase by exactly 25 percent.

Required: What is the external financing needed? (Do not round your intermediate calculations.)

Multiple choice

$1,531.25

$1,431.25

$1,713.75

$1,481.25

$877.5