Gardial GreenLights, a manufacturer of energy-efficient lighting solutions, has had such success with its new products t

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Gardial GreenLights, 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
$15 million investment in new machinery. Gardial plans to maintain
its current 45% 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 40% 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? Enter your answer in
millions. For example, an answer of $1.23 million should be entered
as 1.23, not 1,230,000. Round your answer to two decimal
places.
$ million