The following is the balance sheet for 20X5 for Marbell Inc. Marbell Inc. Balance Sheet as at December 31, 20X5

Marbell Inc. Balance Sheet as at December 31, 20X5
Assets		Liabilities
Cash	$15,500	Accounts Payable	$ 90,000
Accts. Rec	90,000	Notes Payable (non-spontaneous)	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 10%. Assuming that Marbell Inc. is operating below capacity, calculate the amount of required new funds (RNF) to finance this growth. Marbell has an 8% return on sales and 80% is paid out as dividends.

RNF = [(A/S₁) (DS)] - [(L/S) (DS)] - PS₂(1-D)