The Optical Scam Company has forecast a sales growth rate of 20 percent for next year. Current assets, fixed assets, and short-term debt are proportional to sales. The current financial statements are shown here:

INCOME STATEMENT
Sales			$	32,200,000
Costs				27,743,800
Taxable income			$	4,456,200
Taxes				1,559,670
Net income			$	2,896,530
Dividends	$	1,158,612
Addition to retained earnings		1,737,918

BALANCE SHEET
Assets				Liabilities and Equity
Current assets	$	7,380,000		Short-term debt	$	7,084,000
				Long-term debt		4,958,800
Fixed assets		18,058,000
				Common stock	$	3,391,200
				Accumulated retained earnings		10,004,000
				Total equity	$	13,395,200
Total assets	$	25,438,000		Total liabilities and equity	$	25,438,000

a.	Calculate the external funds needed for next year using the equation from the chapter. (Do not round intermediate calculations.)

b-1.	Prepare the firms pro forma balance sheet for next year. (Do not round intermediate calculations.)

b-2.	Calculate the external funds needed. (Do not round intermediate calculations.)
c.	Calculate the sustainable growth rate for the company based on the current financial statements. (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)