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This year, Green Lumber has total sales of $387,200 on
total assets of $429,600, current liabilities-to-sales ratio of
11.62 percent, dividend payout ratio of 41.60 percent, and net
profit margin of 14.90 percent. Assume that all costs,
assets, and current liabilities change spontaneously with
. The tax rate and dividend payout ratios remain
constant. If the firm’s managers project a firm growth rate of 12
percent for next year, that is, sales will increase by $46,464 to
$433,664, what will be the amount of external financing

(EFN) to support this level of growth? (Hint:
Use the EFN formula
. Choose the closest


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