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An analyst following Manhattan Corp. wants to estimate the sustainable growth rate for the company by using the PRAT model. For this purpose, the analyst

An analyst following Manhattan Corp. wants to estimate the sustainable growth rate for the company by using the PRAT model. For this purpose, the analyst has compiled the data in the following table.

Assets and equity values are for the end of the year; the analyst uses averages of beginning and ending balance sheet values in computing ratios based on total assets and shareholders equity. For example average total assets for 2019 would be computed as (147,250 + 139,398)/2. Note: All numbers except for EPS and DPS are in $ millions.

Item 2019 2018 2017 2016
Net income 18,208 17,570 14,650 13,170
Sales 279,087 201,275 192,530 165,876
Total assets 147,250 139,398 122,233 97,019
Shareholders' equity 97,729 68,640 63,050 48,937
EPS 9.66 7.54 6.47 6.92
DPS 2.33 2.02 1.64 1.9

Your task is to compute the average value of the "T" component of PRAT during 2017-2019.

Write your answer in decimal form, and round your answer to 4 decimal places. For example, write 0.0746 instead of 7.46.

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