Suppose, you were hired by GEM, Inc., to assist the company with its financial planning and to evaluate the company's performance. Your supervisor provides you with the most recent income statement and balance sheet of GEM, Inc. (provided in the template)

Sales for 2023 are projected to grow by 15 percent . Interest expense and depreciation expense will remain constant ; the tax rate and the dividend payout rate will also remain constant . Costs, other expenses , current assets , fixed assets , and accounts payable increase spontaneously with sales . If the firm is operating at full capacity and no new debt or equity is issued , what is the external financing needed (EFN ) to support the 15 percent sales growth ? (15 points )