The 2017 financial statements for Growth Industries are presented below.

INCOME STATEMENT, 2017
Sales				$	370,000
Costs					235,000
EBIT				$	135,000
Interest expense					27,000
Taxable income				$	108,000
Taxes (at 35%)					37,800
Net income				$	70,200
Dividends	$	42,120
Addition to retained earnings		28,080

BALANCE SHEET, YEAR-END, 2017
Assets					Liabilities
Current assets					Current liabilities
Cash	$	6,000			Accounts payable	$	13,000
Accounts receivable		11,000			Total current liabilities	$	13,000
Inventories		33,000			Long-term debt		270,000
Total current assets	$	50,000			Stockholders equity
Net plant and equipment		310,000			Common stock plus additional paid-in capital		15,000
					Retained earnings		62,000
Total assets	$	360,000			Total liabilities and stockholders' equity	$	360,000

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 0.60.

What is the required external financing over the next year