The most recent financial statements for Cardinal, Incorporated, are shown here:

Income Statement		Balance Sheet
Sales	$ 22,700	Assets	$ 110,000	Debt	$ 36,600
Costs	16,600			Equity	73,400
Taxable income	$ 6,100	Total	$ 110,000	Total	$ 110,000
Taxes (25%)	1,525
Net income	$ 4,575

Assets and costs are proportional to sales. Debt and equity are not. A dividend of $1,610 was paid, and the company wishes to maintain a constant payout ratio. Next year's sales are projected to be $27,600.

What is the external financing needed?

Multiple Choice

• $16,731

• $15,595

• $186,388

• $20,139

• $14,459