Cambria, Inc., had equity of $145,000 at the beginning of the year. At the end of the year, the company had total assets of $300,000. During the year the company sold no new equity. Net income for the year was $31,000 and dividends were $3,800.

Calculate the internal growth rate for the company. (Do not round intermediate calculations and round your final answer to 2 decimal places. (e.g., 32.16))

Internal growth rate

%

Calculate the internal growth rate using ROA