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problem: Appalachian Registers, has current sales of $50 million. Sales are expected to rise to $75 million next year. Appalachian Registers currently has accounts receivable of 10 million dollar, inventories of 15 million dollar and net fixed assets of $20 million. These assets are expected to rise at same value as sales over the next year. Accounts payable are expected to rise from their current level of 10 million dollar to a new level of 13 million dollar next year. Appalachian Registers wants to grow its cash balance at the end of next year by $2 million over its current cash balances, which average $4 million. Net income next year is forecasted to be 10 million dollar. Next year, Appalachian Registers plans to pay dividends of $1 million, up from $500,000 this year. Appalachian Registers managerial tax rate is 34%. How much external financing does Appalachian Registers require net year?

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