An all-equity-financed firm plans to grow at an annual rate of at least 22%. Its return on equity is 34%. What is the maximum possible dividend payout rate the firm can maintain without resorting to additional equity issues?(Do not round intermediate calculations. Enter your answer as a percent rounded to 1 decimal place.)

Maximum dividend payout ratio%

An EIII-Elqultyfi'wad rm Fl-IEI'IB to gnaw at an and rate ufEIt IEEE'I 22%. IE: mum on aqulty'u 31%. 'lll'll'hat i5 111a maxinurn pnaalhla ulhldand pawn: rate line in can malnta'm wimut manning 1n adtinnal unity- iaauaa? {Du ml round Intarmadlala mlnu Iallum. Enlar ynur arm-mar an a pare-am mundad In'l danlmal plan-J mmmm |:|5