The most recent financial statements for Fleury Inc., follow. Sales for 2012 are projected to grow by 25 percent. Interest 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.

FLEURY, INC. 2011 Income Statement
Sales				$	750,000
Costs					585,000
Other expenses					21,000
Earnings before interest and taxes				$	144,000
Interest paid					17,000
Taxable income				$	127,000
Taxes (20%)					25,400
Net income					101,600
Dividends	$	20,320
Addition to retained earnings		81,280

FLEURY, INC. Balance Sheet as of December 31, 2011
Assets				Liabilities and Owners Equity
Current assets				Current liabilities
Cash	$	20,940		Accounts payable	$	55,100
Accounts receivable		33,260		Notes payable		14,300
Inventory		70,220		Total	$	69,400
Total	$	124,420		Long-term debt	$	133,000
Fixed assets				Owners equity
Net plant and equipment	$	360,000		Common stock and paid-in surplus	$	119,000
				Retained earnings		163,020
				Total	$	282,020
Total assets	$	484,420		Total liabilities and owners equity	$	484,420

If the firm is operating at full capacity and no new debt or equity is issued, what external financing is needed to support the 25 percent growth rate in sales? (Do not round intermediate calculations.)

what is the EFN?

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