Gardial Green Lights, a manufacturer of energy-efficient lighting solutions, has had such success with its new products that it is planning to substantially expand its manufacturing capacity with a $25 million investment in new machinery. Gardial plans to maintain its current 40% debt-to- total-assets ratio for its capital structure and to maintain its dividend policy in which at the end of each year it distributes 45% of the year's net income. This year's net income was $9 million. How much external equity must Gardial seek now to expand as planned?
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