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Willard Windows has total sales of $ 2 0 0 , 0 0 0 on total assets of $ 2 5 0 , 0 0

Willard Windows has total sales of $200,000 on total assets of $250,000, current liabilities of $50,000, and $20,000 of dividends paid on net income of $40,000. Assume that all costs, assets, and current liabilities change spontaneously with sales. The tax rate and dividend payout ratios remain constant. The firm's managers project a firm growth rate of 15 percent for next year. Assume the firm is currently operating at full capacity. How much is the external financing needed (EFN) for Willard Windows to support the 15% growth in sales?
$7,000
$8,500
$9,000
$9,500
$10,000
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