The 2017 financial statements for Growth Industries are presented below.

INCOME STATEMENT, 2017 Sales $ 210,000 Costs 155,000 EBIT $ 55,000 Interest expense 11,000 Taxable income $ 44,000 Taxes (at 35%) 15,400 Net income $ 28,600 Dividends $ 14,300 Addition to retained earnings 14,300

BALANCE SHEET, YEAR-END, 2017 Assets Liabilities Current assets Current liabilities Cash $ 4,000 Accounts payable $ 11,000 Accounts receivable 9,000 Total current liabilities $ 11,000 Inventories 27,000 Long-term debt 110,000 Total current assets $ 40,000 Stockholders' equity Net plant and equipment 150,000 Common stock plus additional paid-in capital 15,000 Retained earnings 54,000 Total assets $ 190,000 Total liabilities and stockholders' equity $ 190,000

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 0.50.

What is the required external financing over the next year?