Sales and costs are projected to grow at $20\%$ a year for at least the next $4$ years. Both current assets and accounts payable are

projected to rise in proportion to sales. The firm is currently operating at $75\%$ capacity, so it plans to increase fixed assets in proportion

to sales. Interest expense will equal $10\%$ of long$-$term debt outstanding at the start of the year. The firm will maintain a dividend payout

ratio of $0\mathrm{.}40.$

What is the required external financing over the next year?