20. Calculating Internal Growth, The most recent financial statements for Shinoda Manufacturing Co. are shown here: LO 3 Balance Sheet Income Statement $ 38,400 Debt $ 29,000 $87,600 Current assets Sales 82,000 Equity 91,400 Fixed assets 64,350 Costs $120,400 Total $120,400 Total $23,250 Taxable income 8,138 Tax (35%) $15,112 Net Income Assets and costs are proportional to sales. Debt and equity are not. The com- pany maintains a constant 40 percent dividend payout ratio. No external fi- nancing is possible. What is the internal growth rate