The Optical Scam Company has forecast an 17 percent sales growth rate for next year. The current financial statements are shown below. Current assets, fixed assets, and short-term debt are proportional to sales.

INCOME STATEMENT

Sales			$	47,000,000
Costs				37,900,000
Taxable income			$	9,100,000
Taxes				3,185,000
Net income			$	5,915,000
Dividends	$	2,366,000
Additions to retained earnings	$	3,549,000

BALANCE SHEET

Assets

Liabilities and Equity

Current assets

$

15,930,000

Short-term debt

$

12,690,000

Long-term debt

13,190,000

Fixed assets

40,000,000

Common stock

$

4,000,000

Accumulated retained earnings

26,050,000

Total equity

$

30,050,000

Total assets

$

55,930,000

Total liabilities and equity

$

55,930,000

Suppose Optical Scam eliminates its dividend entirely. What is the new EFN?

External funds needed

$