The most recent financial statements for Shinoda Manufacturing Co. are shown below: Income Statement Balance Sheet Sales $ 63,000 Current assets $ 22,000 Debt $ 38,200 Costs 45,280 Fixed assets 74,900 Equity 58,700 Taxable income $ 17,720 Total $ 96,900 Total $ 96,900 Tax (35%) 6,202 Net Income $ 11,518 Assets and costs are proportional to sales. Debt and equity are not. The company maintains a constant 31 percent dividend payout ratio. No external financing is possible.
What is the internal growth rate? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)