Morrissey Technologies Inc.'s 2021 financial statements are shown here.

Morrissey Technologies Inc.: Balance Sheet as of December 31, 2021
Cash	$	204,000		Accounts payable	$	408,000
Receivables		408,000		Accrued liabilities		204,000
Inventories		816,000		Notes payable		60,200
Total current assets	$	1,428,000		Total current liabilities	$	672,200
				Long-term debt		102,000
Fixed assets		1,632,000		Common stock		2,040,000
				Retained earnings		245,800
Total assets	$	3,060,000		Total liabilities and equity	$	3,060,000

Morrissey Technologies Inc.: Income Statement for December 31, 2021
Sales	$	4,080,000
Operating costs including depreciation		3,718,914
EBIT	$	361,086
Interest		21,086
EBT	$	340,000
Taxes (25%)		85,000
Net income	$	255,000

Per share data:
Common stock price	$	51.00
Earnings per share (EPS)	$	2.55
Dividends per share (DPS)	$	1.02

Suppose that in 2022, sales increase by 12% over 2021 sales. The firm currently has 100,000 shares outstanding. It expects to maintain its 2021 dividend payout ratio and believes that its assets should grow at the same rate as sales. The firm has no excess capacity. However, the firm would like to reduce its operating costs/sales ratio to 87.5% and increase its total liabilities-to-assets ratio to 35%. (It believes its liabilities-to-assets ratio currently is too low relative to the industry average.) The firm will raise 40% of the 2022 forecasted interest-bearing debt as notes payable, and it will issue long-term bonds for the remainder. The firm forecasts that its before-tax cost of debt (which includes both short- and long-term debt) is 12.5%. Assume that any common stock issuances or repurchases can be made at the firm's current stock price of $51.

Missing the question marks

Forecasting Financial Statements
Common stock price	$51.00
Earnings per share2021	$2.55
Dividends per share2021	$1.02
Growth rate of sales	12%
Common stock outstanding2021	100,000
Operating costs/sales ratio2021	87.5%
Total liabilities-to-assets ratio2021	35%
Proportion of short-term interest-bearing debt2021	40%
Tax rate	25%
Before-tax cost of debt	12.50%
a. Constructing the forecasted financial statements (Parts II., III., and IV.)
Part II. Income Statements	2021	2022
Sales	$4,080,000.00	$4,569,600.00
Operating costs including depreciation	3,718,914.00	3,998,400.00
Earnings before interest and taxes (EBIT)	$361,086.00	$571,200.00
Interest	21,086.00	?
Earnings before taxes (EBT)	$340,000.00	?
Taxes	85,000.00	?
Net income (NI)	$255,000.00	?
Dividends		?
Addition to retained earnings		?
Part III. Balance Sheets	2021	2022
Assets
Cash	$204,000.00	$228,480.00
Receivables	408,000.00	456,960.00
Inventories	816,000.00	913,920.00
Total current assets	$1,428,000.00	$1,599,360.00
Fixed assets	1,632,000.00	1,827,840.00
Total assets	$3,060,000.00	$3,427,200.00
Liabilities and Equity
Accounts payable	$408,000.00	$456,960.00
Accrued liabilities	204,000.00	228,480.00
Notes payable	60,200.00	?
Total current liabilities	$672,200.00	?
Long-term debt	102,000.00	?
Total liabilities	$774,200.00	?
Common stock	2,040,000.00	?
Retained earnings	245,800.00	?
Total common equity	$2,285,800.00	?
Total liabilities and equity	$3,060,000.00	$3,427,200.00
Part V. Notes on Calculations
Total liabilities
Less: Payables and accruals
Interest-bearing debt
Allocated to notes payable
Allocated to long-term bonds
Interest expense
Target equity-to-assets ratio
Required total equity
Retained earnings
Required common stock

If the profit margin remains at 6.25% and the dividend payout ratio remains at 40%, at what growth rate in sales will the additional financing requirements be exactly zero? In other words, what is the firm's sustainable growth rate? (Hint: Set AFN equal to zero and solve for g.) Round your answer to two decimal places.

fill in the blank 27 %