Bates Fabricators, Inc., estimates that it invests $0.25 in assets for each $1 of new sales. However, $0.05 in profits is produced by each $1 of additional sales, of which $0.01 can be reinvested in the firm. If sales rise by $750,000 next year from their current level of $5 million and the ratio of spontaneous liabilities to sales is .20, what will be the firms need for discretionary financing? (Hint: In this situation, you do not know what the firms existing level of assets is or how those assets have been financed. Thus, you must estimate the change in financing needs and match this change with the expected changes in spontaneous liabilities, retained earnings, and other sources of discretionary financing.)