Gordial GreenLights, a manufacturer of energy efficient lighting solutions, has had such success with its new products that it is planning to substantially expand it manufacturing capacity with a $20 investment in new machary. Gardial plans to maintain its current 45% debt-to-total asset ratio for its capital structure and to maintain its dividend policy in which at the end of each year it distibutes 25%of the year's net income. This year's net income was $8 million.
How much external equity must Gardial seek now to expand as planned? In millions ex: 1.2. Round to two decimal places.