?(Forecasting discretionary financing needs?) Fishing Charter Inc. estimates that it invests $0.35 in assets for each dollar of new sales.? However, $0.04 in profits are produced by each dollar of additional? sales, of which $0.01 can be reinvested in the firm. If sales rise by $600,000 next year from their current level of $6 million, and the ratio of spontaneous liabilities to sales is 6 percent, what will be the? firm's need for discretionary? financing? (Hint?: In this situation you do not know what the? firm's existing level of assets? is, nor do you know how those assets have been financed.? Thus, you must estimate the change in financing needs and match this change with the expected changes in spontaneous? liabilities, retained? earnings, and other sources of discretionary? financing.)
The? firm's need for discretionary financing is $ (Round to the nearest? dollar.)