The most recent financial statements for Assouad, Inc., are shown here: Income Statement Balance Sheet Sales $4,100 Current assets $5,100 Current liabilities $810 Costs 2,000 Fixed assets 6,500 Long-term debt 3,590 Taxable income $2,100 Equity 7,200 Taxes (24%) 504 Total $11,600 Total $11,600 Net income $1,596 Assets, costs, and current liabilities are proportional to sales. Long-term debt and equity are not. The company maintains a constant 50 percent dividend payout ratio. As with every other firm in its industry, next year's sales are projected to increase by exactly 25 percent. What is the external financing needed