Carter Corporation's sales are expected to increase from $5 million in 2011 to $6 million in 2012, or by 20%. Its assets totaled $2 million at the end of 2011. Carter is at full capacity, so its assets must grow in proportion to projected sales. At the end of 2011, current liabilities are $1 million, consisting of $250,000 of accounts payable, $500,000 of notes payable, and $250,000 of accrued liabilities. Its profit margin is forecasted to be 3%, and the forecasted retention ratio is 45%. Use the AFN equation to forecast the additional funds Carter will need for the coming year. Round your answer to the nearest cent.