Morrissey Technologies Inc.'s 2021 financial statements are shown here. Morrissey Technologies Inc.: Balance Sheet as of December 31, 2021 Cash $520,000 $ 260,000 Accounts payable Receivables Inventories 520,000 1,040,000 Accrued liabilities 260,000 Notes payable 83,000 Total current assets $1,820,000 Total current liabilities $ 863,000 Long-term debt Fixed assets 2,080,000 Common stock 150,000 2,600,000 Retained earnings 287,000 Total assets $3,900,000 Total liabilities and equity $3,900,000 Morrissey Technologies Inc.: Income Statement for December 31, 2021 Sales $5,200,000 Operating costs including depreciation 4,909,710 EBIT $ 290,290 Interest EBT Taxes (25%) Net income Per share data: Common stock price Earnings per share (EPS) Dividends per share (DPS) 30,290 $ 260,000 65,000 $ 195,000 $59.00 $ 1.95 $ 0.78 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 91.5% 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 $59. The data has been collected in the Microsoft Excel file below. Download the spreadsheet and perform the required analysis to answer the questions below. Do not round intermediate calculations. Morrissey Technologies Inc.: Pro Forma Balance Sheet as of December 31, 2022 Assets Cash Receivables Inventories Total current assets Fixed assets Total assets Liabilities and Equity Accounts payable Accrued liabilities Notes payable Total current liabilities Long-term debt Total liabilities Common stock Retained earnings 291200 582400 1164800 2038400 2329600 $ 4368000 582400 291200 Total common equity Total liabilities and equity b. If the profit margin remains at 3.75% 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.