The 2017 financial statements for Smart Industries are presented below.

INCOME STATEMENT, 2017Sales$210,000Costs155,000EBIT$55,000Interest expense11,000Taxable income$44,000Taxes (at 35%)15,400Net income$28,600Dividends$14,300Addition to retained earnings14,300

BALANCE SHEET, YEAR-END, 2017AssetsLiabilitiesCurrent assetsCurrent liabilitiesCash$4,000Accounts payable$11,000Accounts receivable9,000Total current liabilities$11,000Inventories27,000Long-term debt110,000Total current assets$40,000Stockholders' equityNet plant and equipment150,000Common stock plus additional paid-in capital15,000Retained earnings54,000Total assets$190,000Total 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?