The following is the balance sheet for 20X5 for Marbell Inc.

Marbell Inc. Balance Sheet as at December 31, 20X5 Assets Liabilities Cash $15,500 Accounts Payable $ 90,000 Accts. Rec 90,000 Notes Payable 30,000 Inventory 60,000 Accrued Expenses 7,500 Current Assets 165,000 Current Liabilities 127,500 Fixed assets (non-spontaneous) 60,000 Common stock 75,500 Retained earnings 22,500 Total Assets $225,000 Total Liabilities + S.H Equity $225,000

Sales for 20X5 were $300,000. Sales for 20X6 have been projected to increase by 20%. Assuming that Marbell Inc. is operating below capacity, calculate the amount of new funds required to finance this growth. Marbell has an 8% return on sales and 70% is paid out as dividends.