Problem 4-5 EFN [LO2]

The most recent financial statements for Assouad, Inc., are shown here:

Income Statement				Balance Sheet
Sales	$	11,300		Current assets	$	5,550		Current liabilities	$	3,375
Costs		8,050		Fixed assets		10,300		Long-term debt		4,890
Taxable income	$	3,250						Equity		7,585
Taxes (22%)		715		Total	$	15,850		Total	$	15,850
Net income	$	2,535

Assets, costs, and current liabilities are proportional to sales. Long-term debt and equity are not. The company maintains a constant 45 percent dividend payout ratio. As with every other firm in its industry, next years sales are projected to increase by exactly 18 percent.

What is the external financing needed? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)