A firm plans to grow at an annual rate of at least $16\%.$ Its return on equity is $24\%.$ Suppose the firm has

a debt$-$equity ratio of $\frac{1}{3}.$ What is the maximum dividend payout ratio it can maintain without resorting

to any external financing?

Note: Do not round intermediate calculations. Enter your answer as a percent rounded to $2$ decimal

places.

Maximum dividend payout ratio