Problem $4-5$ EFN $[$LO$2]$

The most recent financial statements for Assouad, Incorporated, are shown here:

Income Statement Balance Sheet

Sales $ $11,700$ Current assets $ $5,850$ Current liabilities $ $3,525$

Costs $8,350$ Fixed assets $10,500$ Long$-$term debt $5,030$

Taxable income $ $3,350$ Equity $7,795$

Taxes $(22\%)737$ Total $ $16,350$ Total $ $16,350$

Net income $ $2,613$

Assets, costs, and current liabilities are proportional to sales. Long$-$term debt and equity are not. The company maintains a constant $40$ percent dividend payout ratio. As with every other firm in its industry, next year$$s sales are projected to increase by exactly $18$ percent. What is the external financing needed?

Note: Do not round intermediate calculations and round your answer to $2$ decimal places, e$.$g$.,32\mathrm{.}16.$