The 2017 financial statements for Growth Industries are presented below.

INCOME STATEMENT, 2017Sales$340,000Costs220,000EBIT$120,000Interest expense24,000Taxable income$96,000Taxes (at 35%)33,600Net income$62,400Dividends$18,720Addition to retained earnings43,680

BALANCE SHEET, YEAR-END, 2017AssetsLiabilitiesCurrent assetsCurrent liabilitiesCash$3,000Accounts payable$10,000Accounts receivable8,000Total current liabilities$10,000Inventories29,000Long-term debt240,000Total current assets$40,000Stockholders' equityNet plant and equipment280,000Common stock plus additional paid-in capital15,000Retained earnings55,000Total assets$320,000Total liabilities and stockholders' equity$320,000

Sales and costs are projected to grow at 40% 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 70% 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 0.30.

What is the required external financing over the next year?