?(Financial forecasting?) Sambonoza Enterprises projects its sales next year to be $8 million and expects to earn 4 percent of that amount after taxes. The firm is currently in the process of projecting its financing needs and has made the following assumptions? (projections):
Current assets will equal 23 percent of? sales, and fixed assets will remain at their current level of $1 million.
Common equity is currently $0.70 million, and the firm pays out half of its? after-tax earnings in dividends.
The firm has? short-term payables and trade credit that normally equal 11 percent of? sales, and it has no? long-term debt outstanding.
What are? Sambonoza's financing needs for the coming? year?
?Sambonoza's financing needs for the coming year are $ million. ?(Round to two decimal? places.)