The most recent financial statements for GPS, Inc., are shown here:

Income Statement				Balance Sheet
Sales	$	33,600		Assets	$	54,100		Debt	$	22,100
Costs		25,600						Equity		32,000
Taxable income	$	8,000		Total	$	54,100		Total	$	54,100
Taxes (40%)		3,200
Net income	$	4,800

Assets and costs are proportional to sales. Debt and equity are not. A dividend of $1,500 was paid, and the company wishes to maintain a constant payout ratio. Next years sales are projected to be $36,960.

What is the external financing needed?

External financing needed

$