The Pioneer Company expects earnings per share and dividends per share to be $4.50 and $2.50, respectively, next year. Pioneer currently has 5,000,000 shares of common stock outstanding. The company's capital budget for next year is projected to be $25,000,000. They plan to maintain their current debt ratio ( total debt/total assets) at 40% next year. The capital structure consists of common equity and debt, and those are the sources that will be used to finance the capital budgeting projects. Determine how much external equity Pioneer must raise to finance the capital budget.