Roam Adventure Co. had the following income statement and balance sheet values for fiscal year 2020:

Accounts Payable = $64,600 Notes Payable = $16,150 COGS = $650,700

Accounts Receivable = $38,665 Sales Revenue = $735,700 Interest Expense = $12,600

Inventory = $82,555 Common Stock = $130,000 Accum. Retained Earnings = $176,855

Long-Term Debt = $150,000 Cash = $24,035 Selling & Admin Expense = $17,100

Net Fixed Assets = $392,350 Payout Ratio = 30% Tax Rate = 35%

Sales are projected to grow by 20% in 2021.

Interest Expense will remain constant next year.

The Tax Rate and Dividend Payout Rate will also remain constant next year.

COGS, Selling & Admin, Current Assets, Net Fixed Assets, and Accounts Payable increase spontaneously with Sales.

If External Funds are needed, the firm has decided to borrow them.

If there is a surplus of External funds, then the firm has decided to pay down Long-Term Debt.

Forget about the 20% growth rate in sales. Instead, if the growth in sales is only 3%, what are the external funds needed (EFN)?

		-$13,272.08
		-$14,648.47
		-$15,596.61
		-$11,898.19
		-$12,334.59