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Posh Design & Fashion maintains a debt-to-equity ratio of 0.20 and follows a residual distribution policy. The firm needs $2,935 for new investments next year.

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Posh Design & Fashion maintains a debt-to-equity ratio of 0.20 and follows a residual distribution policy. The firm needs $2,935 for new investments next year. The net income this year is $1.964. Find the amount of new debt that Posh will issue this year (round your answer to the nearest whole number

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