Abbreviated financial statements for Archimedes Levers are shown in the table below. Assume sales and expenses increase by $12\%$ in

$2022$ and all assets and liabilities increase correspondingly.

a$.$ If the payout ratio is set at $60\%$ and no external debt or equity is to be issued, what is the maximum possible growth rate for

Archimedes?

b$.$ If the payout ratio is set at $60\%$ and the firm maintains a fixed debt ratio but issues no equity, what is the maximum possible

growth rate for Archimedes?

Note: For all requirements, do not round intermediate calculations. Enter your answers as a percent rounded to $2$ decimal places.