Question $1(3\mathrm{.}495$ points$)$

Cannon Company has enjoyed a rapid increase in sales in recent years, following a decision to sell on credit. However, the firm has noticed an increase in its collection period. Last year, total sales were $$1$ million, and $$250,000$ of these sales were on credit. During the year, the accounts receivable account averaged $$41,096.$ It is expected that sales will increase in the forthcoming year by $50\%,$ and, while credit sales should continue to be the same proportion of total sales, it is expected that the days sales outstanding will also increase by $50\%.$ If the resulting increase in accounts receivable must be financed externally, how much external funding will Cannon need?

$ $41,096$

$$51,370$

$$47,359$

$$106,471$

$$92,466$